On Wednesday, June 13, 2018, NTCIC participated in a bipartisan Historic Tax Credit (HTC) Lobby Day hosted by the Historic Tax Credit Coalition. Mike Phillips, NTCIC Public Policy Manager, spearheaded lobby day scheduling and logistics including a briefing for advocates as they prepared for Capitol Hill. Mike was supported by NTCIC’s Amanda Bloomberg, Matt Prickett, and William Fiederlein. NTCIC’s team joined 25 HTC advocates from across the country who met with 41 Congressional offices in 15 different states to educate members of Congress and their staff about the Historic Tax Credit Enhancement Act of 2018 (H.R. 6081 and S. 3058).
This legislation, introduced on the same day, will eliminate the basis adjustment requirement for HTC transactions. The provision will enhance the value of the HTC while still preserving the vast majority of savings achieved by the Tax Cut and Jobs Act of 2017. Eliminating the basis adjustment will also bring the HTC into line with the Low-Income Housing Tax Credit which has no basis adjustment requirement.
Original co-sponsors of the bill include HTC champions Senator Bill Cassidy, M.D. (R-LA), Senator Ben Cardin (D-MD), and Senator Susan Collins (R-ME) along with Representative Darin LaHood (R-IL), Representative Earl Blumenauer (D-OR) and Representative Mike Kelly (R-PA).
Support for the legislation needs to come from both sides of the aisle to improve its chances of enactment so advocates are encouraged to contact their congressional delegations to co-sponsor the HTC Enhancement Act.
Learn more about how to advocate for the HTC at https://ntcic.com/htc-tax-reform/.
