Help Save the Historic Tax Credit

The federal historic tax credit to revitalize historic buildings was eliminated in the House Tax Reform bill released yesterday by the House Ways and Means Committee.

We know that the Historic Tax Credit has a proven track record of creating jobs, spurring private investment, and generating fiscal revenue. While the Tax Reform bill is intended to stimulate economic growth, elimination of the federal historic tax credits undermines the revitalization of older and historic town centers like Springfield’s.

Congress will begin debate on this bill next week with a vote expected by mid-November.

Join us as a citizen who supports downtown revitalization by ACTING NOW to communicate the value of the Historic Tax Credit to your Representatives and Senators in Congress:

Find out who represents you in Congress>
Call during office hours. Ask to speak to tax staff or ask for a tax staffers’ email address.

A suggested outline of your email message or phone call:

Introduce yourself as a constituent.

Say “I heard the historic tax credit is eliminated in the House version of the tax reform bill. I am extremely concerned that this important community redevelopment incentive will no longer be available to revitalize Springfield’s central historic district. Our National Register District in downtown Springfield was just expanded a few years ago specifically so that additional buildings could use the federal credit and be rehabilitated.”

You can add how the federal historic tax credit has been influential in revitalizing downtown Springfield:

  • The St. George Building Apartments, which were filled in a few months, at the corner of 3rd and Monroe, used federal historic tax credits to finance it.
  • Neither the Booth Building or the Ferguson Building would be moving forward as projects without the historic tax credit. (Vele Restaurant is opening next week in the Ferguson.)
  • The Chamber’s project to rehabilitate the former First United Methodist Church at Capitol and 5th wouldn’t be moving toward construction without the historic tax credit.

There have been multiple rehab projects in the downtown that have utilized the credit in the last 10 years:

  • the KingTech headquarters in the Buck Building on the north side of the square;
  • the Fisher Latham Block across from the Presidential Library on 6th housing Abe’s Old Hat and Wild Rose on the first floors (done by Carolyn Oxtoby and Dick Morse);
  • the Jennings Ford Dealership rehabbed by INB at 4th and Jackson, and
  • the Windsor Hotel rehabbed by Development Services Corporation into beautiful office space at 4th and Adams (with a portion opening as Itty Bitty Fashion Trunk in late November).

These are just a few examples of the power of the federal historic tax credit. Thanks for your advocacy!