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...

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