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Federal Historic Tax Credit Update
March/April 2018
By A. Hayes

The new Republican tax code, passed in December 2017, has changed the way the federal historic tax credit works. Instead of taking this 20% credit in one year, it will now be distributed over the course of five years. The tax credit had been in jeopardy, however, thanks to an outpouring of support, advocacy, and education about this important economic development tool, the new tax code retained this crucial preservation incentive. Please take a moment to thank your senators and representatives for their pivotal support of this program.

A potential benefit of the five-year time frame is that some of the credits could be received beyond the 10-year window budgeted for this program, which would make the tax credit appear less expensive to federal budget watchers, This could help the program stay intact for the long term.

Although the tax credit would diminish slightly over the course of five years, multiple factors would determine the reduced rate. Field professionals predict that corporate demand will not be reduced as a result of the five-year duration. However, there are many ways to improve and strengthen this program, and the Historic Tax Credit Coalition is pursuing them.

Above Liberty Station, formerly the Naval Training Center, benefited from federal historic tax credits.

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