Federal Historic Tax Credits Stimulate Economy

The National Park Service (NPS) and Rutgers University today released the Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2014. The report reveals that the historic tax credit (HTC) yields a net benefit to the Treasury Department, generating $28.6 billion in federal tax receipts since the program’s inception, compared to $22.6 billion in credits allocated. From fiscal years 1978 through 2014, those $22.6 billion in federal HTCs allocated spurred $117.6 billion (in inflation-adjusted 2014 dollars) in historic rehabilitation. Those investments generated about 2.5 million new jobs and billions of dollars in direct and secondary economic gains. In short, the federal HTC is a good investment for local communities, individual states, and the natioon. The cumulative impacts of the program to date (FY 1978 through FY 2014) as shown in the study support this conclusion.

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