The Historic Tax Credit (HTC) was eliminated in the House tax reform legislation released yesterday. Eliminating the tax credit would dramatically undermine preservation, community revitalization and economic development efforts nationwide. We MUST advocate for the HTC to be included in a reformed tax bill.
Why?
Jobs. Nearly
2.5 million well-paying jobs have been created surrounding HTC projects.
Economic Growth. The HTC has attracted more than $130 billion in private investment since its inception. It returns $1.20 to the US Treasury for every $1.00 expended, equating to a
20% return on investment.
Community Strength & Identity. Through the HTC, over 42,000 buildings have been rehabilitated. These buildings tell stories about our communities, serve as community anchors and spur engagement and investment in our local communities.
Cleveland Has Come a Long Way, and Has a Long Way to Go! Since 2000, over
100 buildings in Cleveland alone have utilized the HTC. These projects have generated nearly
$350 million in tax revenue and created approximately
25,000 local jobs. Nearly 40% of downtown residents live in a HTC financed building. We live with these buildings and benefit from the results of tax credits every day!
Take Action Now!
1. Make it Personal. Point out a specific project that you have been involved with or has impacted your neighborhood. Include visuals! For a list of properties that have utilized HTC in Ohio, see the Novogradac Historic Tax Credit Mapping Tool.
2. Call & Email.Contact your representatives. This is the first iteration of the reformed tax bill, and our voice matters! Send them a statement about what it means to live, dine, or work in a historic building and the impact you've experienced.
3. Share! Spread the word. Share your statements with friends and professional networks, with people who live or work in historic properties. The more buzz we can generate, the greater the likelihood that our representatives will hear us!
Additionally, please consider contacting Representatives Renacci and Tiberi, who are both are on the Ways and Means Committee.
Below are a few examples of recent projects who utilized HTC, and won an award at our 2016 and 2017 Celebration of Preservation!
Formerly the Templin Bradley Co., now the Templin Bradley Lofts
Formerly Rialto Theatre, now Mitchell's Ice Cream Ohio City
Playhouse Square Ohio Theatre, restored in 2015-2016
T
he Cleveland Restoration Society is a member of the National Trust Partners Network. Founded in 1972, CRS uses the powerful tool of historic preservation to revitalize our diverse communities, strengthen the regional economy, and enhance the quality of life in northeastern Ohio.
