Wednesday, March 3, 2010 - 1:30AM

The federal historic tax credit is a highly efficient job creator-accounting for the creation of 1.8 million new jobs over the life of the program, according to the "First Annual Report on the Economic Impact of the Federal Historic Tax Credit," which was released today. The report found that historic tax credits generated jobs more efficiently than other stimulus options and the study concludes that the economic activity leveraged by the historic tax credit returns more tax revenue to the U.S. Treasury than the cost of implementing the program. The report, the first to ever to comprehensively examine the economic impact of the federal historic tax credit, also underscores the need for additional legislation to strengthen the federal credits, making them more widely available for smaller, rural projects and also encouraging their use for green and sustainable rehab projects.

Tune in to next week's Tax Credit Tuesday podcast to hear Michael J. Novogradac, CPA, discuss the report's findings and their significance.

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