In support of the effort to save the Historic Tax Credit (HTC) and ensure its inclusion in federal tax reform legislation, we have drafted a statewide letter of support that will be delivered to Senator John Cornyn and Representative Kevin Brady.
A broad spectrum of organizations, communities, professionals, investors and advocates who work in and with historic buildings and economic development that impact historic places, including elected officials, are encouraged to share their support as a signatory.
Please e-mail your name, title and organization, company, or community affiliation and we will add your name as a signatory to this letter.
We appreciate the input of our colleagues at the National Trust for Historic Preservation and across Texas for their valued insight in this effort.
The Honorable Kevin Brady, Chairman
House Committee on Ways and Means
1011 Longworth House Office Building
Washington DC 20515
The Honorable John Cornyn
United States Senate Committee on Finance
517 Hart Senate Office Building
Washington DC 20510
November __, 2017
Dear Chairman Brady and Senator Cornyn:
Texans support inclusion of the Rehabilitation Credit in the tax reform bill because it creates jobs and rebuilds historic Texas downtowns and neighborhoods.
The Historic Tax Credit (HTC) is a proven economic development tool and job creator in distressed rural and urban neighborhoods alike. It supports voluntary and pioneering investments in the preservation of our state’s most significant historic buildings.
In Texas the HTC has spurred over $1.5 billion in rehabilitation projects that have saved over 600 buildings since its inception. Nationally, the credit supports more than $5 billion in private sector development every year with 40% of these credits being used in communities with a population of less than 25,000.
The HTC works in tandem with the newly created state historic preservation tax credit that has stimulated significant capital investments in Texas. Together, these historic preservation tax credits are awakening cities large and small to the value of redeveloping their distressed historic buildings because it makes such a strong and positive local impact.
Importantly, HTC-supported investments are the catalyst for additional preservation efforts within Texas cities and neighborhoods that are undergoing renewal. As a result, the rehabilitation of vacant historic buildings becomes the cornerstone of self-sustaining heritage tourism and related downtown economic development initiatives including new construction on vacant lots.
Today, there are many projects across Texas that are in the planning stages that will be brought to a standstill if this credit is repealed. From Harlingen to Lubbock, from El Paso to Texarkana, and in so many places across Texas, the HTC is unlocking the economic potential of historic downtowns. And in so doing, bringing immeasurable value to Texans as a source of inspiration, pride in our heritage and renewed community esteem.
We appeal to you to include the HTC in the tax reform bill and support the preservation of Texas landmarks because this very valuable economic development tool has accomplished so much good in our state.