Dear preservation lovers,
The Historic Tax Credit (HTC) is still in danger of being eliminated. The House of Representatives tax reform bill, released through the House and Ways Committee, did not retain the HTC. As this bill moves to the House floor, please urge your House member to fight to reinsert this pro-growth, economic development program that has helped transform communities across Louisiana and throughout the country.
Some quick facts about the HTC:
- Since FY2002, nearly 800 historic rehabilitation projects have created nearly 40,000 jobs and encouraged the investment of more than $2.5 billion in private capital in Louisiana alone.
- The HTC has helped to rehabilitate over 650 structures in New Orleans, representing more than $1.9 billion in private investments.
- In the last 15 years, more than 40% of historic rehabilitation projects have been in communities of less than 25,000 people. Repealing the HTC would deprive our small towns and Main Street communities of a vital redevelopment resource.
- The HTC not only pays for itself, it creates revenue! Research has shown that the credit generates over $1.20-$1.25 in new tax revenue for every $1.00 of tax credit utilized.
Tax Credit projects across Louisiana have saved historic buildings, provided jobs, and revitalized local communities.