Congressman Rod Blum (IA-01) and Congressman David McKinley (WV-01) authored a letter to Chairman Brady and Ranking Member Neal of the House Committee on Ways & Means. Signed by a bipartisan group of 32 other Members, the letter urges Committee leadership to bear in mind the importance of the Federal Historic Tax Credit (FHTC) while considering tax reform.
The State of Iowa alone has experienced exceptional economic growth as a result of the FHTC. From 2002 to 2015, the FHTC invested $172 million in 232 projects across Iowa. That amount leveraged an additional $861 million of private investment, for a total investment of $1.037 billion.
“The Federal Historic Tax Credit is vital in allowing communities to preserve the historic buildings and landmarks that define the character of their past, and allowing these same buildings to become the foundation for economic vitality now and in the future. In addition, this is one of the few government programs that has returned more to the Federal government than it has cost,” said Congressman Blum. “I call upon my colleagues to ensure that this tax credit is included in future tax reform legislation.”
Rep. McKinley added, “Preserving the Historic Tax Credit is important as we begin updating our burdensome and outdated tax code. Since its inception in 1978, this tax credit has spurred economic activity and has directly aided in the revitalization of Main Streets and rural communities nationwide. Over 40% of the projects using this credit have been in rural communities, breathing new life into their downtowns and attracting investment.”
Read the full letter to Ways & Means Leadership here.
For more information on Historic Tax Credits visit:
Rod Blum is the Republican Congressman from Iowa’s 1st District.
He is a member of the Oversight and Small Business Committees and chair of the Subcommittee on Agriculture, Energy, and Trade.
For more information contact Alexah Rogge