BUFFALO, N.Y. (WIVB) — Congressman Brian Higgins has proposed some permanent and temporary changes to Historic Tax Credits.
“Historic Tax Credits have been incredibly effective in Western New York at promoting economic opportunity through the rehabilitation of historic buildings and revitalization of communities. The use of these credits during the ongoing pandemic is more important than ever as they create a pathway to building back our economy, growing local jobs, and reenergizing our community.”Rep. Brian Higgins (NY-26)
Higgins has introduced the Historic Tax Credit Growth and Opportunity (HTC-GO) Act.
Currently, a 20 percent federal tax credit can be provided for rehabilitation work to historic buildings. This new bill proposes temporary changes over time. Here’s how the Historic Tax Credit would change:
- Through 2024: Increase to 30 percent
- 2025: Decrease to 26 percent
- 2026: Decrease to 23 percent
- 2027: Return to 20 percent
Although the rate would gradually move back down to 20 percent for larger projects, the Historic Tax Credit of 30 percent would remain for “eligible smaller projects,” Higgins’ office says.
In addition to this, the bill would expand eligibility for projects that could benefit from Historic Tax Credits.
According to Higgins’ office, it’s “estimated that the Historic Tax Credit has led to approximately $173 billion in private capital investment in 45,000 buildings over the last 45 years.” They say this has created nearly three million jobs.