Federal Historic Tax Credit – In Crisis

The current Trump Administration and “conservative Republicans” are very strangely choosing to add the elimination, or cutback, to an otherwise very successful tax credit – that has especially been good to the State of Illinois and particularly Chicago.  It has generated a +$4.5 billion over its life to the US Treasury alone – according to the very recent Rutgers University tax credit study – going back to 1976!  This surplus is aside from the jobs, the local taxes and the positive upbeat in low and middle income neighborhoods where the brunt of the credits accrue.  Illinois has enjoyed 269 tax credit projects from 2002 to 2016 with $ 3.4 billion in renovation monies involved; Chicago 90 projects with $2.4 billion!  It has traditionally been backed by both Parties as a very useful, income generating tax credit that per se creates ” VALUE” ( remember that fundamental marketing term?)

It would be an economic misfortune to see it eliminated  or cut back.


Mike Pavilon