Central Louisiana News

U.S. Senator Bill Cassidy has reintroduced the Historic Tax Credit Growth & Opportunity Act (HTC-GO) to boost economic growth and urban renewal. This bill aims to expand the Existing Historic Tax Credit, a resource for preserving historical architecture and promoting local economic vitality.

Senator Cassidy stated, "Our architectural heritage is a point of Louisiana pride that draws folks to visit our state and supports our economy. If we want to preserve it, we need the tools to do so. The Historic Tax Credit gives us those tools."

The proposal, endorsed by the National Trust for Historic Preservation, is supported by several legislators. It includes Senators Mark Warner, Susan Collins, and Maria Cantwell. Carol Quillen, the President and CEO of the National Trust for Historic Preservation, emphasized the credit's significance. "The federal historic tax credit is one of our most powerful tools for historic preservation, economic development, and community revitalization," she said. Quillen highlighted the role of such investments in supporting small businesses, creating housing, and generating economic opportunities.

The bill seeks to eliminate the basis adjustment, currently required under tax law. This change would increase the value of the credit, streamline transaction structures, enhance the value of rehabilitated historic buildings, and draw more investment from tax credit investors.

Cassidy's reintroduction of the HTC-GO Act represents a concerted effort to foster community development while preserving historical architecture.