News Public PolicyHistoric Tax Credit
HTC Legislative Update: Omnibus Bill Passed Without Robust Tax Title
Historic Tax Credit Advocates will Look to 2023 to Pass Improvements
December 23, 2022: Just before the new year, President Joe Biden signed into law the recently passed $1.7 trillion Omnibus Appropriations bill for 2023. Democrats and Republicans were unable to reach a consensus on a large tax deal, which could have extended temporary provisions like the expanded Child Tax Credit, reinstatement of the full deduction for research and development expenses (set to be amortized over five years as part of the Tax Cuts and Jobs Act of 2017), as well as the 12.5% boost to states' affordable housing tax credit allocation.
Unfortunately, without a robust tax title in the omnibus bill, there was not an opportunity to include improvements to the Historic Tax Credit (HTC).
With Congress not addressing expired or expiring tax provisions in 2022, there will be pent-up demand to address them in the 118th Congress. As the new Congress is sworn in this January, advocates are preparing to reintroduce the Historic Tax Credit Growth and Opportunity Act [HTC-GO (H.R. 2294/S. 2266)] and will be galvanizing HTC-GO supporters to cosponsor the bill once again. Advocates will also be looking for new opportunities to improve our ability to rehabilitate historic properties.
During the 117th session of Congress, advocates reached 100 cosponsors on the House version of HTC-GO and 14 cosponsors on the Senate version, showing there is more support for these important provisions than ever before.
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