[Congressional Record (Bound Edition), Volume 163 (2017), Part 14]
[House]
[Page 19447]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      FEDERAL HISTORIC TAX CREDITS

  (Mr. HIGGINS of New York asked and was given permission to address 
the House for 1 minute.)
  Mr. HIGGINS of New York. Mr. Speaker, the Republican corporate tax 
cut bill is a massive takeaway from middle America and a massive 
giveaway to corporate America.
  The Treasury Secretary says that these tax cuts will pay for 
themselves, and more. News flash for the Treasury Secretary: Tax cuts 
don't pay for themselves. They never have, not once, in human history.
  What does pay for itself are Federal historic tax credits. When 
Federal historic tax credits are used to renew historical buildings, 
$1.20 for every $1 in tax credits is generated. When historic buildings 
are renewed, including in my community of Buffalo, New York, Main 
Streets across America are restored, jobs are created, and new business 
income and property tax revenues are generated.
  The Federal historic tax credit does, in fact, pay for itself, and 
more, by helping cities and communities to become economically 
independent and self-sufficient.

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