releases: https://gallagher.house.gov/media/press-releases/gallagher-calls-permanent-extension-historic-tax-credit-htc
Data license: MIT · Data source: dwillis/congress-press
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| https://gallagher.house.gov/media/press-releases/gallagher-calls-permanent-extension-historic-tax-credit-htc | Gallagher Calls for Permanent Extension of Historic Tax Credit (HTC) | 2017-12-11 | 2017 | 2017-12 | Republican | House | WI | Mike Gallagher | G000579 | gallagher.house.gov | legacy | Washington, D.C. – Rep. Gallagher sent a letter to House Speaker Paul Ryan and Ways and Means Committee Chairman Kevin Brady urging them to include a permanent extension of the Federal Historic Tax Credit (HTC) in the conference committee’s final version of the tax reform bill. This is the second letter Rep. Gallagher has sent this year urging his colleagues to extend the HTC which is designed to preserve and rehabilitate historic buildings, and foster economic growth in small and midsize cities nationwide. In response to the letter, Rep. Gallagher released the following statement: “The Historic Tax Credit has played a significant role in revitalizing Northeast Wisconsin, including areas like downtown Appleton and Green Bay. Not only does the HTC generate tax revenue and promote job creation, but it has strong support from community leaders who have experienced its benefits firsthand. As the debate on tax reform finalizes, I will continue urging my colleagues in both Chambers to permanently extend the HTC for communities like ours and across the country with rich histories to preserve.” In support of Rep. Gallagher’s efforts to extend the HTC, Appleton Mayor Timothy Hanna released the following statement: “The Historic Tax Credit program is a vital economic development tool for not only Appleton, but cities all across Wisconsin and the nation. This tool has a 20% return on investment for the federal government while at the same time helping to preserve and reuse historic properties in cities all across the State. The City of Appleton has benefitted from the HTC program with several successful projects through the years and we are poised to have several more projects qualify in the near future.” Below is a copy of the letter Rep. Gallagher sent to House leadership: November 30, 2017 Dear Speaker Ryan and Chairman Brady, Thank you for your tireless work on tax reform. As the Senate and the House move towards a conference committee to reconcile the two versions, we are writing to ask that the final version of the bill include a permanent extension of the New Market Tax Credit (NMTC) and the Federal Historic Tax Credit (HTC). These tax credits are critically important to jumpstarting economic activity, especially in economically depressed areas, and putting people back to work. As you know, the NMTC was created to incentivize business or real-estate investment in low-income communities. According to the New Markets Tax Credit Coalition, between 2003 and 2015, $42 billion in direct NMTC investments were made in businesses and these NMTC investments leveraged nearly $80 billion in total capital investment to revitalization projects in communities with high rates of poverty and unemployment. Moreover, between 2003 and 2012, the NMTC generated about 750,000 jobs with 72 percent of all NMTC investments going to communities exhibiting severe economic distress, including unemployment rates more than 1.5 times the national average and a poverty rate of 30 percent. This isn’t about picking winners or loser, rural or urban, Republican or Democrat, it’s about helping those communities, regardless of geography, that desperately need economic investment and good paying jobs. The NMTC has shown itself to be a successful tool to do just that. The HTC, while originally designed to preserve and rehabilitate historic buildings, has also promoted economic activity in older communities throughout the country. According to the National Park Service (NPS), the HTC is the largest and most effective Federal program specifically supporting historic preservation. Moreover, since the program’s inception in 1976, the NPS has certified the rehabilitation of more than 42,000 historic properties. Many of the projects associated with the HTC are abandoned or underutilized and the NPS has determined that over 55% of the certified rehabilitation projects in FY 2016 were in low and moderate-income census tracks. We must help the communities that need us the most. Like you, we are confident that streamlining our tax code and reducing rates will put more money in the pockets of hardworking taxpayers and spur economic growth. We appreciate your leadership on this issue, and welcome the chance to work with you on the issue of the New Market Tax Credit and Historic Tax Credit. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |