Latest Posts

Dear Friend of Historic Preservation,

In his State of the Union Address, President Obama laid out a plan for an economy that’s “built to last” — one that revolves around “American manufacturing, American energy, skills for American workers, and a renewal of American values.”

We’d like to offer the perfect complement to that vision — a program that for more than thirty years has quietly and effectively created skilled American jobs, stimulated local economies, and revitalized historic buildings and communities built to last. This program is the federal historic tax credit.

Pledge your support today for this vital economic program, and help communities prosper through preservation.

You may never have heard of it, but you’ve seen what it can do. Consider Boston’s Faneuil Hall, the Ferry Building in San Francisco and the Apollo Theater in New York City. These iconic structures and 37,000 others were rehabilitated with the help of the historic tax credit — generating 2 million jobs, attracting $90 billion in private investment, and revitalizing communities nationwide in the process.

The best part? This program more than pays for itself. In the 32 years of the program, the amount of tax credits paid by the U.S. Treasury is far less than the amount of federal taxes generated by these projects.

The worst part? The federal historic tax credit is now in danger. Tax reform on Capitol Hill threatens to reduce or even eliminate this powerful economic development tool.

Now is not the time to cut programs proven to create jobs. We need you to join our campaign to raise awareness of the impact of historic preservation. Take our pledge and join our fight to help our communities prosper through preservation and keep the federal historic tax credit off the chopping block.

Thank you,

Your Friends at the National Trust for Historic Preservation and NTCIC

See presenter John Leith-Tetrault’s slide show here:

Check out NTCIC’s latest closing, The Saenger Theatre in New Orleans, Louisiana:

Click on announcement to view full size

Check out NTCIC’s latest closings, The Hibernia Building in New Orleans, Louisiana and The Lord Jeffrey Inn in Amherst, Massachusetts:

What’s at Stake

A program that for more than 30 years has created two million jobs, leveraged $90 billion in investment and rehabilitated more than 37,000 existing buildings — while more than paying for itself — is in danger. Deficit reduction measures are currently being debated on Capitol Hill, and the federal historic tax credit (HTC) program is at risk. Senator Tom Coburn (R-OK) has called for the total elimination of the credit, while a centrist Democratic group, the Third Way, is recommending the historic tax credit be reduced from 20% to 10%.

These very real threats reveal that Congress does not recognize the credit’s track record of revitalizing cities and towns while returning vacant or underutilized historic buildings to a productive, taxable use. With your help, we can make the case that this program is essential to creating jobs and vibrant communities where residents new and existing, young and old want to live, work and visit.

Join The Campaign

With the National Trust for Historic Preservation, our message to Capitol Hill is to protect the historic tax credit from harmful reductions by supporting H.R. 2479, the Creating American Prosperity through Preservation or CAPP Act. Introduced by Representatives Schock (R-IL) and Blumenauer (D-OR), the CAPP Act would greatly enhance the historic tax credit’s impact on local economies. We are working toward Senate introduction in the next few months.

Join us to keep historic tax credits off the chopping block and in communities where they create jobs, stimulate investment and fuel local economies!

What You Can Do

• Send a letter to your Representative urging their support for historic tax credits by cosponsoring the CAPP Act.
• Sign your company/organization’s name to a support letter for the CAPP legislation.

Visit Preservation Nation for full details – click here

From the Preservation Alliance of Minnesota

On November 21st, the Minnesota State Historic Preservation Office (SHPO) has released their Historic Rehabilitation Tax Credit Report showing the economic impact of the first year of this incentive.

Revitalizing communities, stimulating job growth and increasing the tax base are the goals of the Minnesota Historic Rehabilitation Tax Credit, which was signed into law in April 2010. A report to the State Legislature about the economic impact of projects leveraged by the first year of the tax credit is now ready, and it shows a bright spot in an otherwise challenging economic landscape.

The report describes job creation benefits, particularly within the construction industry, as well as educational and community-building aspects of preserving our historic past.

The report is available online at www.mnhs.org/taxcredit.

The Minnesota Historic Rehabilitation Tax Credit allows for eligible property owners to receive a state income tax credit of up to 20% of qualifying expenses or a grant in lieu of the credit. The state tax credit works in combination with a federal 20% tax credit. In the first year of the credit, which ended June 30, 2011, 14 projects received approval, including the Emerge Career & Technology Center. (Additional projects outside the scope of the report are underway.)

The report was prepared by the University of Minnesota Extension Center for Community Vitality.

MN Historic Rehabilitation Tax Credit The Program At-A-Glance – November, 2011
MN Historic Rehabilitation Tax Credit as Job Creation
MN Historic Rehabilitation Tax Credit Program as Economic Development

For more information about the Preservation Alliance of Minnesota, please visit http://www.mnpreservation.org/

“The IRS’ Appeal of Boardwalk Hall v. Commissioner Raises Concerns in the HTC Industry” — article by John Leith-Tetrault in Novogradac & Co.’s Journal of Tax Credits

Click cover to view full article

“Historic Tax Credit Faces Multiple Threats on the Hill” — article by John Leith-Tetrault in Novogradac & Co.’s Journal of Tax Credits

Click cover to view full article

“IRS Guidance a Step in the Right Direction on Application of Economic Substance Doctrine to the HTC” — article by John Leith-Tetrault in Novogradac & Co.’s Journal of Tax Credits

Click cover to view full article

In April 2010, NTCIC invested in the rehabilitation of the Universal Furniture store, a landmark building along the St. Claude Avenue corridor in New Orleans, Louisiana.   The investment also included the renovation of a second, adjacent historic property The original grand exterior, covered by a metal façade, has been restored to its previous grandeur.  The buildings have been reborn to become The New Orleans Healing Center, whose mission will be to provide a holistic, safe, sustainable center that heals, fulfills and empowers the individual and the community by providing services and programs promoting physical, nutritional, emotional, intellectual, environmental and spiritual well-being. Within the next four years, the New Orleans Healing Center (NOHC) hopes to become a model for urban, community healing around the world.  The grand opening was on August 28.