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Treasury Grants Request for Historic Tax Credit Relief

ACHP Chairman Aimee Jorjani says new IRS COVID-19 taxpayer relief will help historic preservation projects throughout the country. Today, the IRS extended the deadline by almost a year for satisfying the substantial rehabilitation test for claiming the Historic Tax Credit for rehabilitation of historic income-producing properties. 

The preservation community had advocated for IRS to take action, and Jorjani in June wrote to Treasury Secretary Steven Mnunchin asking for a one-year extension, saying many historic preservation projects would be unable to meet the previous deadline due to curtailment or stoppage of work due to COVID-19.

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New Report Cites Historic Tax Credits Create Thousands of Jobs and Billions of Dollars in Investment

The National Park Service issued its FY 2017 annual report on the federal historic tax incentives program. Commonly known as the Historic Tax Credit, the program provides a 20 percent federal tax credit for rehabilitation of historic buildings for business or income-producing uses. According to the report, FY 2017 saw more than $5.8 billion in private investment in historic preservation and community revitalization due to the Historic Tax Credit and the creation of almost 107,000 jobs.    

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