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Save the Federal Historic Tax Credit!

2013-07-25 10:55:39

Elks Building, Rapid City

The Federal Historic Tax Credit (HTC) is a major player in the field of historic preservation. This credit offers historic building owners a 20% tax credit on the certified expenditures of their rehabilitation project. The impact of this program, both nationwide and here in South Dakota, is immense.  Nationally, the program creates millions of jobs related to building rehabilitation; generates billions (yes, billions with a “B”) of dollars of investment in our existing building stock; and saves our existing buildings instead of sending them to the landfill. In South Dakota, the Federal Historic Tax Credit is used by property owners throughout the state and generates hundreds of thousands of dollars of private investment in our historic buildings each year.  Buildings in the Mount Rushmore State that have utilized this program include the Elks Building in Rapid City; the Black Hills & Fort Pierre Roundhouse in Lead; the Maxwell Building in Sioux Falls; and the Treasury Inn in Pierre.

According to the National Trust for Historic Preservation, “Tax reform is forcing an examination of all government expenditures and sources of revenue, including tax expenditures such as tax credits and deductions. Members of Congress have proposed eliminating the HTC and other tax preferences to balance the budget.” However, the HTC program brings about significant, measurable investment in our historic building stock and pays for itself by generating new tax revenue.  To learn how you can protect this vital program that saves our architectural heritage, check out the National Trust’s Advocacy Center.  Contact your Senators, and sign the National Trust’s Historic Tax Credit Pledge to voice your support for this important program!