[Congressional Record Volume 167, Number 59 (Thursday, April 1, 2021)]
[Extensions of Remarks]
[Page E324]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 INTRODUCTION OF THE HISTORIC TAX CREDIT GROWTH AND OPPORTUNITY ACT OF 
                                  2021

                                 ______
                                 

                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                        Thursday, April 1, 2021

  Mr. BLUMENAUER. Madam Speaker, today I introduced the Historic Tax 
Credit Growth and Opportunity Act of 2021. This legislation passed the 
House last session in Title III of Division M of the Moving Forward Act 
(H.R. 2, 116th Cong.). It would bring relief to historic rehabilitation 
projects impacted by the COVID-19 pandemic while also improving the 
credit for smaller projects and expanding the number of projects 
eligible to receive the credit.
  Since its inception in 1976, the Historic Tax Credit (HTC) has 
incentivized private sector investment in rehabilitating historic 
buildings. The HTC has attracted approximately $173 billion in private 
capital in the last 45 years, helping to rehabilitate and revitalize 
communities. More than 45,000 buildings have been rehabilitated using 
the credit, creating nearly 3 million jobs. Unlike many other tax 
incentives, HTC projects spur enough economic development to return 
money to the Treasury. In 2019 the National Park Service reported that 
the HTC has generated $38.1 billion in federal tax revenue from $32.9 
billion in tax credits.
  The Historic Tax Credit Growth and Opportunity Act of 2021 first 
recognizes the challenges that historic rehabilitation projects have 
faced during the COVID-19 pandemic and provides a temporary increase in 
the credit value to address market volatility and projects' difficulty 
in accessing capital. The legislation also increases the credit value 
for small projects, which are often more difficult to finance. Finally, 
HTC-GO makes several changes to the structure of the credit to make 
more buildings eligible for the credit and allow for the credit to be 
more easily paired with the Low-Income Housing Tax Credit.
  I look forward to working with my colleagues in the House and Senate 
to enact this legislation in a comprehensive infrastructure package 
this year.

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