Higgins Stresses the Economic Benefit of Historic Tax Credits
In remarks on the Floor of the House of Representatives, Congressman Brian Higgins (NY-26), Vice Ranking Member of the House Committee on Ways and Means, continued the push to preserve Historic Tax Credits.
“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. Newsflash 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. Historic tax credits are used to renew historic buildings; $1.20, for every $1 tax credits, are generated.
“When historic buildings are renewed, including in my community of Buffalo, New York, Main Streets across America are restored, jobs are created, and 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.”
According to a National Parks Service report, in FY 2015 Historic Tax Credit-related investments generated approximately 86,000 jobs, were responsible for $4.8 billion in GDP, and generated $3.5 billion in income nationwide.
In 2016, New York State led the nation in utilizing federal Historic Tax Credits with investments totaling $748 million. And over the last five years Western New York has led the state in approved Historic Tax Credit projects – 88 in total representing over $532 million in historic rehabilitation. For an interactive map go to: http://bit.ly/2yAJCwO.
Preservation Buffalo Niagara (PBN) reports the Federal Historic Tax Credit has created 4,897 jobs, generated $394 Million in household and business income, and $88 Million in local taxes for the City of Buffalo alone between 2002 and 2015. PBN’s 2016 Survey of Area Developers found that without the Federal Historic Tax Credit and its matching State Historic Tax Credit, historic building rehabilitation and reuse would not happen.