Annual Report on Federal Historic Tax Credit Concludes Credit a “Strategic Investment that Works”

Rutgers University has released its Annual Report on the economic impact of Federal Historic Tax Credit for fiscal year 2014, concluding that the credit is a “strategic investment that works.”

A few key highlights from the report:

“In FY 2014, HTC-related investments generated approximately 78,000 jobs, including 27,000 in construction and 18,000 in manufacturing, and were responsible for $4.6 billion in GDP, including $1.5 billion in construction and $1.3 billion in manufacturing. HTC-related activity in FY 2014 generated $3.4 billion in income, with construction ($1.2 billion) and manufacturing ($799 million) reaping major shares.”

“In short, the federal HTC is a good investment for local communities, individual states, and the nation. The cumulative impacts of the program to date (FY 1978 through FY 2014) support this conclusion.

• An inflation-adjusted (2014 dollars) $22.6 billion in HTC cost encouraged a five times greater amount of historic rehabilitation ($117.6 billion).

• This rehabilitation investment generated about 2.5 million new jobs and billions of dollars in total (direct and secondary) economic gains.

• The cumulative positive impacts on the national economy included $271.4 billion in output, $134.1billion in GDP, $98.6 billion in income, and $39.3 billion in taxes, including $28.6 billion in federal tax receipts

• The leverage and multiplier effects noted above support the argument that the federal HTC is a strategic investment that works.”

To read the full report via Novogradac & Company, LLP, click here.

Gateway Senior Apartments Project Receives 2016 Governor’s Award for Historic Preservation

Gateway Senior Apartments Project Receives 2016 Governor’s Award for Historic Preservation

May 4, 2016 InSite Capital is pleased to announce that developer Home Renewal Systems has…

HTCs Preserve Historic Inn and Restaurant in Granville, Ohio

HTCs Preserve Historic Inn and Restaurant in Granville, Ohio

July 23, 2015 The historic restoration of the Granville Inn in Granville, Ohio was recently…

Insite Newsletter

Stay up-to-date on the InSite Capital blog. Enter your email address below.