HTC Advocates Circulate Sign-On Letter in Support of the Historic Tax Credit Improvement Act
Heritage Ohio, the National Trust for Historic Preservation, National Trust Community Investment Corporation and the Historic Tax Credit Coalition are circulating a sign-on letter urging Senate Finance Committee member Rob Portman, R-Ohio, to cosponsor the Historic Tax Credit Improvement Act (S. 2655). The legislation would create a 30 percent credit for small rehabilitation projects, allow small transactions with rehabilitation expenditures of $2.5 million or less to be transferred as a tax certificate, change the definition of substantial rehabilitation, reduce the amount of depreciable basis adjustment, change how the federal government taxes state HTC proceeds and modify disqualified lease rules regarding certain tax-exempt use property. The letter says that S. 2655 would help protect Ohio’s Main Streets and downtown areas. Signatures on the sign-on letter are due Nov. 2.The National Trust for Historic Preservation and the Historic Tax Credit Coalition also released a section-by-section summary of the Historic Tax Credit Improvement Act of 2015 and a fact sheet on the history of HTC investments in Ohio from 2002 through 2015.