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PRESERVATION ACTION LEGISLATIVE UPDATE
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LEGISLATIVE UPDATE
VOLUME 23, NUMBER 18
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Preservation Action Hosts Virtual Preservation Month Congressional Briefing on Preservation's Role in Recovery
As we celebrate National Historic Preservation Month this May, we invite you to join Preservation Action and the Historic Preservation Congressional Caucus for a virtual Preservation Month Congressional Briefing on Historic Preservation's Role in Recovery on Tuesday, May 19th at 1pm EDT. While Congress continues to look for ways to stimulate the economy in response to the COVID-19 pandemic, historic preservation is a proven tool that spurs community revitalization, creates jobs, promotes heritage tourism, and supports local economies all while preserving a communities historic resources for future generations.
The virtual briefing is available for free via GoToWebinar and open to the public. Donations are welcome.
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House Introduces Next Round of Coronavirus Relief Legislation
This week, the House of Representatives introduced the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES), marking the 5th in a series of bills to address the coronavirus pandemic and resulting economic impact. The House is expected to pass the bill later this afternoon. The Senate has said they will not take up the bill and instead will begin work on their own coronavirus relief bill. The White House also issued a veto threat. Additionally, the House is expected to pass several rule changes that would allow members to vote remotely.
The HEROES Act is largely focused on emergency relief, including nearly $1 trillion for state, tribal and local governments who are facing severe budget deficits. While the bill does not include funding for historic preservation priorities, it does include a number of items that could impact the important work of the preservation community. Below are a few highlights:
- $10 million for the National Endowment for the Humanities
- $10 million for the National Endowment for the Arts
- $5 million for Museum and Library Services
This is an addition to the funding included in the CARES Act for the NEH/NEA and Museum and Library Services. The bill also includes several provisions that could benefit nonprofits including:
- Expanded Paycheck Protection Program (PPP) to include all 501(c) organizations
- Extending the covered period for the PPP until Dec. 31, 2020
- Extending the loan forgiveness period on PPP loans from 8 weeks to 24 weeks
- Sets aside 25% of remaining PPP funds to employers with few than 10 employees
As the HEROES Act and future recovery legislation continues to move through the legislative process,
Preservation Action will continue to work to make sure that historic preservation is a part of that conversation, but we need your help.
Take Action
Urge your Representatives and Senators to support historic preservation programs that help to stimulate the economy as part of future coronavirus relief and recovery efforts.
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Recent Article Highlights How a Reverse Tax Loophole Has Been Exploited to Undermine a Historic Revitalization Tool
This week an article from Bloomberg Tax highlighted how the IRS has used a "reverse tax loophole" to undercut an important historic revitalization tool, the historic preservation easement program. As the article states, just as taxpayers can take advantage of ambiguities in the tax code that create a loophole, the reverse also happens where the IRS takes advantage of ambiguities in the tax code to deny benefits authorized by Congress. IRS auditors has taken advantage of such a reverse loophole to deny historic preservation easement deductions. Such enforcement from IRS has an effect of deterring taxpayers from utilizing historic preservation easements.
Historic preservation easements, like the Historic Tax Credit, is a tax incentive that promotes the preservation and rehabilitation of historic buildings, but does so by allowing deductions for charitable contribution of historic preservation easements. Research and studies have shown that rehabilitation of historic structures has positive economic impacts. Recent studies from Columbia, SC and Columbus, OH demonstrate that rehabilitations of downtown buildings that utilize a preservation easement as part of the financing package supported increased local property tax revenue, job growth, small business start-ups, new housing units, and decreased vacancy. Take Action Take action by sending this article to your Representative and Senators. Please see the sample email from our friends at GBX Group to urge your members of Congress to work with us to find resolutions where the IRS's overreach is deterring historic preservation. Learn more about Historic Preservation Easements
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National News
Stories From the States
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