Washington Preserves Historic Tax Credit

Posted: January 12, 2018

The Federal Historic Preservation Tax Credit is the most important economic incentive in the field of historic preservation. Established by President Reagan, it has enabled the rehabilitation of over 40,000 buildings across the country, created thousands of jobs and returned $1.20 to the federal government for every $1 of credit awarded. Alarmingly, the credit was eliminated in the House of Representative’s fall version of the comprehensive tax reform bill. Historic Charleston Foundation, in cooperation with the National Trust for Historic Preservation and numerous other partners, engaged in an intense lobbying and advocacy effort in support of the credit.

HCF’s efforts primarily targeted Charleston native, Senator Tim Scott, who sits on the crucial Senate Finance Committee and who served on the Reconciliation Committee that produced the final version of the tax bill. HCF has consistently met with Senator Scott and his staff over the years to advocate for historic preservation, but it was interactions during this important time that led to Senator Scott awakening to the value of historic preservation and becoming a champion of the federal tax credit. Senator Scott spoke on the floor of the Senate in support of historic preservation and co-sponsored an amendment that restored the credit, then continued to advocate for it and historic preservation while serving on the Reconciliation Committee.

Much to the relief of preservationists across the country, the tax credit was included in the final version of the tax reform bill. The Foundation is grateful to Senator Scott for taking meetings with the Foundation staff, listening, engaging and ultimately taking the historic preservation message to the floor!

The Cigar Factory on East Bay Street, pictured above, is a prominent example of a Charleston-area structure that was rehabilitated using historic tax credits.

2 responses to “Washington Preserves Historic Tax Credit”

1. Lucas Joanie says:

   January 14, 2018 at 12:49 am

   Thank you for spearheading this tremendous project to preserve our history, for generations to come. Charleston will be a living laboratory and hopefully encourage other cities to follow.

   Reply
2. Joanie Lucas says:

   January 14, 2018 at 12:59 am

   Excellent Job!
   Thank you.

   I would like to have some jurisdiction over interior original fabric. Too many are being removed and trashed, to make room for stock woodwork.
   Maybe, educate these new residents, offer large tax credits for those who preserve it.
   I would also like to insist putting in place guidelines for Contractors of any historic property. Also, require a special license for them to obtain, in order to begin work on such properties.
   It is worth consideration and serious decisions.
   Thank you for your time.
   Very truly yours
   Joanie Lucas
   Joanie Lucas

   Reply