Categorized | Advocacy News

Governor’s Budget Caps Historic Tax Credits; Threats Loom at Federal Level

As we’ve shared with you, a broad coalition* of supporters of Virginia’s Historic Rehabilitation Tax Credit (HRTC) Program have been working with members of Virginia’s Joint Subcommittee to Evaluate Tax Preferences  (JSETP) over the last six months to help them better understand the program’s benefits.  After extensive analysis, the JSETP agreed to defer consideration of any potential legislative changes until an independent study of the program’s effectiveness has concluded. The study is underway and a report is expected to be released this summer.

Despite this understanding, Governor McAuliffe’s proposed budget includes a provision that places a $5M cap on taxpayers participating it the Historic Rehabilitation Tax Credit program. Legislation (HB 1635 and SB 1034) has also been introduced would institute an individual taxpayer cap similar to the Governor’s proposed budget amendment.

We will continue our aggressive work over this session to defeat HB1635 remove the per-taxpayer cap. In the coming weeks, we’ll be calling on you to express support for the program and join us for meetings with legislators.

Federal Historic Tax Credits (HTC) may be coming under fire as well. The incoming administration is prioritizing tax policy and it is believed that proposed tax reform will be hostile to tax credit programs.

Preservation Action is hosting a webinar on the topic on Jan. 19 at 2 p.m. If you’re interested in getting involved in the effort to preserve the federal HTC, put March 14-15 on your calendar for Preservation Action’s Lobby Day in D.C. We’ll share more information as it becomes available.

*Our coalition of advocates includes Preservation Virginia, National Trust for Historic Preservation, Virginia Association for Commercial Real Estate, Virginia Bankers Association, Virginia Association of REALTORS, Southern Environmental Law Center, Associated General Contractors, Home Building Association of Richmond, and an expanding network of businesses, local non-profit preservation groups, and individuals from urban and rural localities across the Commonwealth.

 

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