AIA is encouraged by last minute edits to Congress' tax reform legislation

2017-12-18T20:42:00-05:00

The American Institute of Architects has been one of the many vocal opponents to the House and Senate tax plans, which would gut historic tax credits and harm architecture firms, especially those smaller in size. However, after a concerted effort to lobby Congress, the AIA is newly "encouraged" by some last minute amendments made to the tax reform legislation contained in the House-Senate Conference Agreement announced late Friday night.

In particular, the latest revisions have resolved some of the issues surrounding the Historic Tax Credit. While the House's version would have eliminated it entirely, the Senate's plan would've simply diluted its impact by spreading the credit over five years time. Now in its reconciled form, the tax plan keeps the HTC and improves on the Senate bill's language by adding some flexibility for architects wishing to utilize the 20 percent credit.

The other highly welcomed revision is that the tax plan now allows a 20 percent deduction for businesses or...

Reagan Administation's widely popular Historic Tax Credit jeopardized by Trump's tax plan

2017-11-06T16:20:00-05:00

As it’s currently written, the bill would entirely eliminate the federal Historic Tax Credit program (HTC), which provides a 20 percent tax credit for the redevelopment of blighted buildings and renovation of notable architectural landmarks.

The Reagan Administration’s Historic Tax Credit program, which helps fund historic renovation projects, is in jeopardy of being scrapped in the new tax plan unveiled in the House last week. According to Architectural Digest, the conservative idol's program has preserved more than 40,000 total structures and corralled $117 billion in private investment for such redevelopment work since the program began in 1983.

The program incentivizes the reuse of historic structures with a 20 percent income tax credit that is paid out only once a project is finished. A 2015 economic impact report, carried out by the National Park Service and Rutgers University, found that the tax credit generated $1.20 in construction activity and tax revenue for every dollar of credit issued and generated an estimated 86,000 jobs that year.

The reform is being criticized by developers, preservationists, and politicians such as Arkansas Representative Vivian Flowers and New York Senator Chuck Schumer, who fear tha...

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AIA is encouraged by last minute edits to Congress' tax reform legislation

Reagan Administation's widely popular Historic Tax Credit jeopardized by Trump's tax plan