HTC Growth and Opportunity Act Introduced in House
Reps. Earl Blumenauer, D-Ore., Darin LaHood, R-Ill., Terri Sewell, D-Ala., and Mike Kelly, R-Pa., introduced the Historic Tax Credit Growth and Opportunity Act (HTC-GO) Friday to bring more value to historic tax credit (HTC) transactions and to encourage redevelopment of smaller, income-producing properties. H.R. 2825 eliminates the HTC basis adjustment requirement, increases the HTC from 20 percent to 30 percent for properties with rehabilitation expenses of less than $2.5 million, allows the transfer of HTCs as a tax certificate in developments with qualified rehabilitation expenses of less than $2.5 million, makes it easier to meet the substantial rehabilitation test and creates greater flexibility for nonprofits to partner with developers. Similar legislation led by Sen. Bill Cassidy, R-La., is expected to be introduced in the Senate in the coming weeks.
The Historic Tax Credit Coalition invites HTC advocates to participate June 19 in Lobby Day on Capitol Hill. Those interested in participating in Lobby Day should email Michael Phillips at [email protected].