Early on Saturday morning, the United States Senate passed its tax reform bill restoring the 20% Historic Tax Credit (HTC) with a provision that it will be claimed over five years. It can currently be claimed in a single year after a project is complete and the longer payout period is anticipated to reduce its value. The credit for pre-1936 10% non-historic “old-buildings” was eliminated.
The House passed a tax reform bill on November 16th eliminating both the 10% pre-1936 non-historic “old building” credit and the 20% HTC.
Tax reform legislation now moves to a House and Senate Conference Committee to reconcile the two versions. While advocates are disappointed the 20% HTC wasn’t fully restored to current law and the 10% pre-1936 rehabilitation credit was eliminated, we are standing our ground, insisting on the Senate provision and that no further erosion in the program take place.
THIS WEEK please ask Rep. Poliquin to encourage the House Leadership to accept the improvements in the Senate bill! Thank Sen. Collins for supporting restoration of 20% HTC!
If your live in the 2nd District, have friends in the 2nd District, or have a connection to Rep. Poliquin please contact him and ask that he work with House leadership to accept the Senate’s 20% HTC provision as they reconcile differences in the House and Senate versions of the bill.
Please contact Sen. Collins to express your appreciation for the 20% HTC passed in the Senate tax bill. Please urge her to communicate to Senate Republican Leaders and Chairman Hatch that they must not weaken important protections for the 20% HTC when they reconcile the House and Senate bills.
Not sure what to say? Here is a sample message:
1. Introduce Yourself as a Constituent
Rep. Poliquin: Say “I am extremely concerned that the House eliminated the Historic Tax Credit, an important community redevelopment incentive available to revitalize our main streets, towns, and cities and preserve our heritage. Will you please work with House leadership to include the Senate’s 20% Historic Tax Credit provision in the final tax package when you work out the differences in the House and Senate bills?”
Sen. Collins: Say ““I would like to thank the Senator for supporting a tax reform bill that includes a 20% Historic Tax Credit in Senate tax reform bill. This is a significant improvement compared to the elimination in the House bill. Please communicate to Senate Republican Leaders and Chairman Hatch (R-UT) that they must not weaken important protections for the Historic Tax Credit when they reconcile the House and Senate bills.”
2. Explain why you value Historic Tax Credits, and that the redevelopment of historic buildings will not get done without the HTC.
- HTCs created 5180 jobs in the past 10 years
- HTCs added 1,440 housing units
- HTCs generated $42.2 million in state and local taxes
3. Let them know about some previous and future HTC projects in Maine: St. Joseph's Convent (Portland), Plummer School (Falmouth), The American Can Co. Building (Eastport), and the former Mayo Mill (Dover-Foxcroft)
4. If your Member of Congress has agreed to help, please remember to thank them and tell others about their support!