Call your Member of Congress now! Key parts of the tax bill threaten historic preservation by eliminating the historic tax credit (HTC) and dramatically increasing the cost of higher education. Details of the new tax bill are being finalized, so there is still time to make an impact.
The U.S. House of Representatives and the U.S. Senate passed two different versions of a tax bill. This week, Members of Congress will be meeting to iron out the differences between the two bills before passing a final version of the legislation.
Eliminating the Historic Tax Credit
In the House version of the bill, the HTC is eliminated. Remind your Member of Congress that the HTC helps to create jobs, revitalize aging communities, and preserve the special character of our neighborhoods. Plus, the HTC is fiscally responsible — it returns more money to the U.S. Treasury than it costs. The HTC is a good investment in our communities.
Increasing the Cost of Higher Education
The House bill, HR 1, makes tuition waivers for graduate students subject to income tax, causing graduate students’ tax bills to skyrocket. It also eliminates other key programs that reduce student costs. For example, a person making less than $80,000/year and paying off student loans is now able to deduct up to $2,500. HR 1 eliminates that deduction. The bill would also begin taxing the money that employers pay toward their employees’ college costs.
HR 1 threatens the supply of qualified professionals in historic preservation. Cultural resource management careers require significant investments in education. This bill risks pricing students out of college and advanced degree programs.
Congress is rushing to pass this bill. Act now! Protect the programs that help people across America to preserve our history.