LEGISLATIVE UPDATE
VOLUME 24. NUMBER 30
SEPTEMBER 17, 2021
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1. HTC Enhancements Included in House Bill
2. NPS Announces $15.5M in SAT Grants
3. PAF Auction Returns Nov. 2nd
4. Stories From Around the States
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Historic Tax Credit Enhancements Included in Draft Reconciliation Package in House |
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This week House committees continued consideration on their portions of the Build Back Better budget reconciliation package. The House Ways and Means Committee included legislative text to in their potion of the budget to expand several community development tax incentives, including several enhancements to the Historic Tax Credit (HTC). This is great news for the historic preservation community! Demonstrating the strong support of the program from committee members, Committee Chairman, Rep. Richard Neal (D-MA) cited enhancements to the HTC in his opening remarks during the hearing. The The bill includes the following HTC provisions, similar to the House version of the Historic Tax Credit Growth Opportunity Act (H.R. 2294, S. 2266).
- A temporary increase of the Historic Tax Credit from 20% to 30% through 2025, phasing back down to 20% by 2028
- Establishes a permanent 30% Historic Tax Credit for projects $2.5 million and less, making it easier to complete small projects
- Eliminates the HTC Basis Adjustment, bringing more value to HTCs and making it easier to pair with the Low-Income Housing Tax Credit
- Reduces the substantial rehabilitation threshold, making more buildings eligible to use the HTC
- Modifies tax-exempt leasing rules, making the credit easier to use by non-profits
- Enables the HTC to be used for public school buildings
The bill also included provisions from the Neighborhood Homes Investment Act (H.R. 2143, S. 98), which would establish a new tax credit to rehabilitate homes in areas where the cost of rehabilitation is greater than the value of the homes. On Wednesday, the House Ways and Means Committee voted along party lines to approve their portion of the Build Back Better Act.
Preservation Action is also tracking work in other committees as they draft their versions of the budget reconciliation package. In more exciting news for historic preservation, the House Natural Resources Committee's budget reconciliation bill included $75 million for historic preservation activities. The bill passed the committee last week. We'll continue to follow this and keep you posted on any updates.
The inclusion of these HTC provisions in the budget reconciliation bill is a significant step in the multi-year effort to expand the HTC, but more work is needed. The bill will now move through the rest of the reconciliation process, before needing to be approved by the House and Senate. Thank you to everyone that reached out to your members of Congress in support of these much-need enhancements to the HTC, especially everyone that reached out in the last few weeks urging inclusion in the budget reconciliation package. Help us ensure these important provisions are in the final bill! Continue to urge your members of Congress to support these enhancements to the HTC in the reconciliation bill. Lean more and take action!
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National Park Service Announces $15.5 Million in Save America's Treasures Grants |
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This week the National Park Service, in conjunction with the Institute of Museum and Library Services, the National Endowment for the Arts, and the National Endowment for the Humanities, announced the recipients of $15.5 million in Save America's Treasures Grants. The Save America's Treasures (SAT) program, funded through the Historic Preservation Fund, provides matching grants to support the preservation of nationally significant historic properties and collections. This round of grants will fund 49 preservation and conservation projects in 29 states, and leverage $20 million in private investment.
Established in 1998, the Save America's Treasures program has provided $339 million to more than 1,300 projects across the country and leveraged more than $479 million in private investment, supporting more than 16,000 local jobs. The House passed FY22 Interior Appropriations bill included $30 million in SAT grants, a $5 million increase over FY21 levels. Preservation Action continues to advocate for robust funding for this important program.
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Refresh the Movement: Preservation Action Foundation's Annual Auction Returns Nov. 2nd |
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Preservation Action Foundation is excited to present our famous annual party and auction virtually for the second time! Join us for “Refresh the Movement: Virtual Fundraiser and Auction”, as we put last year’s challenges behind us, retool for the future and celebrate our expanded perspective on the preservation of our built, cultural and environmental heritage. We’ll be hosting an online Silent Auction from October 25th to November 8th with our Keystone Event and Live Auction on November 2nd from 7-8pm ET. Our event will help launch PastForward 2021, the virtual National Preservation Conference, which officially begins the following day. Save the date and stay tuned for ticket information!
Enjoy our spirited and timely event without leaving home. It will feature success stories about preservation across the country, honor our preservation advocacy heroes and showcase the elected officials who contributed to an incredibly successful year in Congress. The Live Auction will provide an opportunity for the attendees to purchase a wonderful array of tours and experiences, travel packages, educational opportunities, and one-of-a-kind gift items – all for a great cause. It’s time to refresh. Be there!
Donation and Sponsorship Opportunities
We're currently seeking the donation of auction items and have sponsorship opportunities available. This is a great opportunity to feature your organization, historic site, or community to a large national audience of people who are passionate about saving places. Check out our Auction donation request packet and sponsor packet to learn more! Stay tuned to www.preservationaction.org/auction for more information!
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