Last month, the leadership of the Senate Finance Committee adopted a “blank slate approach” to tax reform where all tax expenditures for both corporations and individuals including the Federal Historic Tax Credit would be eliminated from the tax code. Under this plan, preserving the historic tax credit requires Senators to make a case for it directly with an argument that the historic tax credit helps the economy grow, make the tax code fairer, or effectively promotes other important policy objectives.
We know that the historic tax credit is an important economic driver supporting private investment and creating good jobs. The tax credit is essential to level the playing field for rehabilitating existing buildings when comparing costs and incentives with new construction. By supporting investments in historic preservation, like Miller’s Court, the American Brewery Building, or Mill No. 1, helps to revitalize neighborhoods, support local economies, and create lasting improvements in Baltimore and around the country.
Please reach out now – before July 26 – by phone or email to Senators Cardin and Mikulski and ask that they include the Historic Tax Credit as a priority in their letters to the Senate Finance Committee.
- Senator Benjamin L. Cardin – (202) 224-4524; Contact Katherine Monge, Tax Counsel at Katherine_monge@cardin.senate.
- Senator Barbara A. Mikulski – (202) 224-4654; Contact Brent Palmer, Legislative Correspondent at, firstname.lastname@example.org.
Find more information on this issue and the historic tax credit from Preservation Action or join our email list for updates on this issue in the months ahead.