Washington, D.C. – U.S. Senator Susan Collins (R-ME), a senior member of the Senate Appropriations Committee, was joined by two of her Senate colleagues today in introducing bipartisan legislation to strengthen the Historic Rehabilitation Tax Credit (HTC) and reduce the administrative burden associated with the program.
The legislation, which Senator Collins introduced with Senators Bill Cassidy (R-LA) and Ben Cardin (D-MD), would eliminate the existing basis-adjustment requirement to bring the HTC in line with other tax credits claimed over multiple years, including the Low-Income Housing Tax Credit. This encourages investment and maximizes the impact of the HTC.
“I have long supported the Historic Tax Credit, a proven tool for revitalizing communities and catalyzing economic development in Maine and across the nation,” said Senator Collins. “Last year, I successfully advocated for the retention of this important credit in the new tax law. Our bipartisan legislation will make the historic tax credit even easier to use, leveraging greater investments in restoration projects and creating good-paying jobs for hardworking Americans.”
As a result of Senator Collins’ advocacy, the tax reform legislation signed into law in December preserved the 20 percent HTC, with the credit now being claimed over a five-year period. Since 2008, this credit has leveraged approximately $350 million in private investment in Maine.
In Maine, the federal HTC has supported numerous projects, from the renovation of the former Eastland hotel in Portland, to the redevelopment of Johnson Hall opera house in Gardiner.
A companion bill was introduced by U.S. Representatives Darin LaHood (R-IL) and Earl Blumenauer (D-OR) today in the House.