Legislative Agenda
Legislation
H.R. 2479 – The Creating American Prosperity through Preservation (CAPP) Act
The Historic Tax Credit Coalition (HTCC) worked with Representatives Aaron Schock (R-IL) and Earl Blumenauer (D-OR) to introduce legislation to modernize the federal Historic Tax Credit (HTC). This year’s bill includes provisions clustered around the themes of promoting the syndication of small transactions, providing incentives for energy efficiency in historic property rehabilitation, eliminating federal taxation of the proceeds of state HTC transactions, and promoting nonprofit sponsorship of historic rehab in low-income communities. You can view the full text of H.R. 2479 by clicking here. Please also view the brief description of the bill and HTCC’s key messaging document.
In planning this year’s HTC legislation, Hill and HTC industry supporters suggested a more streamlined bill than the previous package that could be more easily summarized in a few central themes. A poll of Historic Tax Credit Coalition members led to agreement on the contents of the new legislation. Below is a comparison of the provisions in the old and new bills:
| CRRA - 111th Congress | CAPP - 112th Congress |
|---|---|
| 1. 30% historic tax credit for small deals (<$5 Million Qualified Rehab Expenditures) | 1. Same |
| 2. Energy Efficiency Supplement (22% historic tax credit instead of 20%) | 2. Same |
| 3. Eliminate disqualified lease rules | 3. Same |
| 4. Eliminate federal taxation of state HTC proceeds | 4. Same |
| 5. Index eligibility date for 10% rehab tax credit | 5. Same |
| 6. Allow use of 10% rehab credit on residential deals | 6. Eliminated |
| 7. Reduce substantial rehab test to 50% of adjusted basis | 7. Eliminated |
| 8. Allow sale of federal HTCs as a certificate for small deals | 8. Eliminated |
Please find the contact information for your U.S. Representative and Senators and urge them to sign on as a cosponsor for H.R. 2479.
Legislative and Public Policy Initiatives
The National Trust Community Investment Corporation (NTCIC) is a founding member of the Historic Tax Credit Coalition, (HTCC), a group of historic tax credit industry representatives who have come together to help develop a consensus on ways to modernize the federal Historic Tax Credit (HTC). Its members are tax credit syndicators, investors, tax attorneys, accountants, preservation consultants and real estate developers who are involved in the business of using the HTC as a financing tool to promote economic development through the rehabilitation of historic properties. HTCC’s activities include research on the economic impact of the HTC, the development of legislative and regulatory proposals to promote the simplification and greater use the HTC, and efforts to foster greater communication between the National Park Service, the Internal Revenue Service and the HTC industry. The HTCC is staffed by the C2 Group, a public policy consulting firm in Washington, DC. NTCIC’s President, John Leith-Tetrault, currently serves as the Chairman of Historic Tax Credit Coalition.
National Economic Impact Report – NTCIC partnered with HTCC and Rutgers University’s Center for Urban Policy to produce the Second Annual Report on the Economic Impact of the Federal Historic Tax Credit. The full report is available for download, as well as a 2-page summary.
Public Policy
Review of Secretary’s Standards
Hippodrome Theater, Baltimore MD
Also in conjunction with the Historic Tax Credit Coalition, NTCIC works with the National Park Service to review its current interpretation of the Secretary of the Interior’s Standards as it is applied to rehabilitation tax credit applications. After extensive research–including two hearings, the Committee on the Federal Rehabilitation Tax Credit Program released a report in 2006, “Federal Historic Rehabilitation Tax Credit Program–Recommendations for Making a Good Program Better”. In November, 2007, a federal advisory panel, the National Park System Advisory Board, responded favorably to the report, adopting its call for changes in the administration of the program. If implemented, the changes would be among the most significant in the history of the nearly 30-year old historic tax credit program. The report is available for download. Implementation of this report’s recommendations are an important public policy priority of the HTCC.
