Neal Receives “Champions of the Historic Tax Credit” Award
Washington, DC – During a ceremony in Washington earlier this month hosted by Preservation Action, Historic Tax Credit Coalition, and National Trust for Historic Preservation, Congressman Richard E. Neal received the “Champions of the Historic Tax Credit” Award. As Ranking Member of the Ways and Means Committee, Congressman Neal led the charge in opposing the elimination of this important tax credit during deliberation on H.R. 1, the “Tax Cuts and Jobs Act.”
“Many communities in my district have benefited greatly from the use of this historic tax credit,” said Congressman Neal. “From Springfield’s Union Station to Pittsfield’s Colonial Theatre and communities in between, the historic tax credit has proven to work. It has been a transformative investment tool that has brought brownstones back to life, revitalized communities, and helped preserve buildings that may have seen the wrecking ball.”
“We applaud Congressman Neal for his steadfast support of the historic tax credit,” said Stephanie Meeks, president and CEO of the National Trust for Historic Preservation. “This federal investment in economic revitalization has proven time and again that bringing our historic properties back to life is good public policy. Communities across the nation are thriving because Congressman Neal and historic preservation advocates stood up for this vital program.”
“As a sponsor of the ‘Champions of the Historic Tax Credit’ (HTC) event, it is a privilege for the Historic Tax Credit Coalition to honor Rep. Neal for continually vocalizing support for the HTC and other community development incentives as the House deliberated on tax reform,” said Merrill Hoopengardner, Chair of the Historic Tax Credit Coalition and President of the National Trust Community Investment Corporation. “A longtime supporter of the HTC, Rep. Neal has a strong understanding of how these incentives work and where they have been used in western Massachusetts and around the country. We are grateful for his sustained advocacy on the HTC’s behalf.”
The Historic Tax Credit drives economic development across the country by taking historically significant and underutilized buildings and transforming them into viable community assets. The tax credit is administered by the National Park Service and the Internal Revenue Service in conjunction with the State Historic Preservation Offices. It was initially enacted in 1978 and was made permanent in the tax code in 1986.