The Architectural Heritage Center, in coalition with preservationists around the nation, worked non-stop to save an important feature of the federal tax code during the recent reform efforts – the 20% Historic Tax Credit (HTC). Under threat of elimination since 2014, the HTC has nonetheless a proven track record since its passage in 1976 of stimulating more revenue than it costs and having created 108,528 jobs. The HTC, which generated over $84 billion invested in landmarks buildings, has long been one of the most effective tools for financing rehabilitation projects which return deteriorated buildings to the tax rolls and actives lives in their communities.
We thank all the legislators who supported saving this important tax provision, but give special mention to our own Representative Earl Blumenauer, chair of the Historic Preservation Caucus, and sponsor of the Historic Tax Credit Improvement Act. Thanks, too, to all of you who took time to express your views on this important stimulus for historic building rehab.
Portland’s National Register-listed 1913 Benson Hotel (above left) and the 1909 Meier and Frank Building (above right) were rehabilitated using the HTC.
The National Trust for Historic Preservation and Preservation Action spearheaded the advocacy efforts. You can read more about the national campaign and results here, where you can also watch a video of President Ronald Reagan praising the tax credit.