Historic Tax Credit

Historic Tax Credit Update!

The Senate’s Tax Reform Bill Slashes the Historic Tax Credit Program in Half!

 
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At the end of last week, the Senate Finance Committee released their version of a tax reform bill that reduces the Historic Tax Credit in half, from 20% to 10% for historic buildings. Additionally, the 10% pre-1936 non-historic “old” building credit is eliminated.

Also the House Ways and Means Committee passed The Tax Cuts and Jobs Act (TCJA) or H.R. 1, with the HTC entirely eliminated, on a party line vote 24-16, setting up full-House floor consideration early this week.

Your immediate ACTION is needed!

Please call today and ask your House and Senate members to retain the HTC in tax reform bills, undiminished. The fate of the HTC will be determined over the next few weeks, please advocate and ask others to advocate!

The House of Representatives is expected to consider and vote on the bill on the House floor this week. Also this week, the Senate will begin to mark-up and pass their version of the tax reform bill out of the Senate Finance Committee.

  • Please contact Representatives Pingree and Poliquin today and ask them to work with House leadership to insert the HTC back into the final House bill.
  • Please contact Senators Collins and King today and ask them to go to the Senate Finance Committee and Senate leadership, express support to retain the HTC in the Senate tax reform bill undiminished.

Call during office hours. Ask to speak to tax staff or ask for the email address of tax staff.

A suggested outline of your email message or phone call:

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or call (207) 780-3575

or call (207) 774-5019

or call (207) 883-1588

or call (207) 942-0583

Don't live in Maine? You can still help! Contact representatives in your state and tell them historic tax credits are important! Don't know who to contact? Go here to find out.

Help Save the Federal Historic Tax Credit!

Clockwise from top left: Grand Trunk Office Building, Chestnut Street Church, St. Hyacinth School, Baxter Library Building, and Arbor Street Fire Station - all restored in part with help from the federal historic tax credit program.  

Clockwise from top left: Grand Trunk Office Building, Chestnut Street Church, St. Hyacinth School, Baxter Library Building, and Arbor Street Fire Station - all restored in part with help from the federal historic tax credit program. 

Right now Congress is close to finalizing tax reform legislation. The Republican leadership's outline for tax reform, meant to guide the legislative process, failed to retain the historic tax credit (HTC), despite its successful 35-plus-year history of revitalizing small towns, creating jobs, and increasing economic activity, all while returning more tax revenue to the Treasury than it costs.

Without the federal tax HTC, our Maine State Tax Credit could also be at risk, and Maine's historic towns, cities, and Main Streets could lose an essential tool that helps drive economic growth.

The HTC has helped revitalize historic buildings in Greater Portland and across Maine. In greater Portland HTCs have been used to revitalize waterfront storage buildings, former churches, abandoned schools, and former industrial buildings into restaurants, offices and housing, bringing activity to our neighborhoods and increased tax revenue to our community.

Tax reform must not come at the expense of a program that more than pays for itself and has a proven track record of creating jobs, savings historic buildings, and bringing vitality to our communities. 

Please help us by calling or writing your lawmakers and urging them to keep the historic tax credit in any reform of the tax code!

 

or call (207) 780-3575. Thank Senator Collins for being the lead co-sponsor of the Historic Tax Credit Improvement Act of 2017, which has been introduced in the Senate. Ask Senator Collins to continue her support for this program and urge members of the Senate Finance Committee to keep the Historic Tax Credit in the reformed tax code.

or call (207) 883-1588. Ask Senator King to contact members of the Senate Finance Committee to voice his support for the Historic Tax Credit and ensure it is preserved in the reformed tax code.

or call (207) 774-5019. Thank Rep. Pingree for being a sponsor in the House of the Historic Tax Credit Improvement Act of 2017. Ask Rep. Pingree to voice her support for the Historic Tax Credit and ensure it is preserved in the reformed tax code.

or call (207) 942-0583. Thank Rep. Poliquin for being a sponsor in the House of the Historic Tax Credit Improvement Act of 2017 and for signing the off-committee letter to the House Ways and Means Committee from Republican legislators in favor of retaining the HTC in the tax reform bill. Ask Rep. Poliquin to continue his support for the Historic Tax Credit and ensure it is preserved in the reformed tax code.