PRESERVATION ACTION LEGISLATIVE UPDATE
 



LEGISLATIVE UPDATE
VOLUME 23, NUMBER 20
MAY 29, 2020

Main Street America Urges Congressional Support for Main Streets

Main Street America is urging Congress to support local main street programs in future stimulus legislation. The current economic crisis has hit main street businesses especially hard. According to a recent study of small businesses, 57% reported a decline in revenue of more than 75% since the onset of the crisis. Main Street America is advocating for Congress to include $100 million in upcoming stimulus legislation to sustain and expand the essential work of main street leaders. This includes:

$75 million for Main Street Coordinating programs. This will provide a federal match of $1 for every $1 invested by state and local governments in their Main Street program up to $1.5 million per state or locality.

$25 million for direct support to Main Street businesses. This would provide direct support to small businesses to assist them in transitioning operations to align with needs resulting from COVID-19, like online sales and social distancing guidelines.

Main Street programs have a proven track record for generating strong economic returns. In 2018, Main Street programs leveraged an average of $25.64 in public and private investment for every dollar spent on the program. Additionally, with over 1200 local programs and 44 coordinating programs, the Main Street network is an efficient, hyperlocal delivery system for recovery funds. 

Learn more about Main Street America's request and fund out how you can help!

Department of Treasury Releases Guidance on Historic Rehabilitation Tax Credit

Last week the Department of Treasury released proposed regulations for changes to the Historic Rehabilitation Tax Credit (HTC) that were included as part of tax reform in 2017. This includes guidance on the new five-year period for claiming the historic tax credit. Overall, the guidance provides clarity in several key areas and are generally in-line with the way tax practitioners have been interpreting the changes.

The tax reform legislation passed in 2017 retained the 20% Historic Tax Credit, but made significant changes to the program. One of the most significant changes required the credit to be taken over 5 years. Prior to tax reform taxpayers were able to claim the HTC in full once the property was placed into service.

Comments on the proposed regulations are being accepted through July 21st. 

Preservation Action continues to advocate for the Historic Tax Credit Growth and Opportunity Act (S.2615 / H.R. 2825) which would expand and enhance the credit, as well as restore some of the value lost during tax reform. These changes are especially important as Congress looks for ways to stimulate the economy in future recovery efforts. 

Advisory Council on Historic Preservation Announces Formation of Traditional Trades Training Task Force

This week the Advisory Council on Historic Preservation announced the formation of the Traditional Trades Task Force, which will work to promote the development of a robust workforce in the skilled preservation trades. Those in the historic preservation community rely on skilled craft workers to do the important work of maintaining and restoring our historic buildings. 

Led by the Chairman of the ACHP, Aimee Jorjani, the goal of the task force is build a preservation ethic in the construction trades and highlight the worth of the skilled craft worker. The task force will consider key issues surrounding preservation trades including credentialing, apprenticeships, and curriculum development and seek to develop recommendations for federal action.

The task force consists of historic preservation, education, and architecture experts, including Moss Rudley, Superintendent of the National Park Service Historic Preservation Training Center (HPTC), and Nicholas Redding, Executive Director of Preservation Maryland, who will serve as Vice Chairs. The task force will convene in June for their first meeting.


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Preservation Action is the only national  non-profit dedicated exclusively to lobbying for the best preservation policies at the federal level. We seek to make historic preservation a national priority by advocating to all branches of government through a grassroots constituency empowered with information and training.