IN SUPPORT OF THE FEDERAL HISTORIC TAX CREDIT

            WHEREAS, the Federal Historic Tax Credit implements a long-standing and successful national policy of preserving our historic resources, and

            WHEREAS, the Federal Historic Tax Credit is a proven job creating, community revitalizing investment in cities throughout the nation, and

            WHEREAS, the Federal Historic Tax Credit is the most significant federal financial commitment to historic preservation, and

            WHEREAS, the Federal Historic Tax Credit is a government program that more than pays for itself, with the cumulative $20.5 billion cost of federal historic tax credits having generated $25.9 billion in federal taxes from the projects facilitated by the credits, and

            WHEREAS, the Federal Historic Tax Credit has catalyzed the rehabilitation of 38,700 buildings, created 2.35 million jobs, and

            WHEREAS, the Federal Historic Tax Credit is responsible for generating over $106 billion in new investment in historic rehabilitation in communities throughout the nation, and

            WHEREAS, the Federal Historic Tax Credit helps to define our national identity and heritage while promoting economic development and revitalizing local communities, and

            WHEREAS, the Federal Historic Tax Credit is a successful market-based approach to revitalizing communities through the reuse of historic resources, and

            WHEREAS, the Federal Historic Tax Credit promotes sustainable building practices by recycling old buildings, which reduces landfill waste and saves energy by reusing existing materials rather than manufacturing new building components, and

            WHEREAS, the Federal Historic Tax Credit stimulates the local economy with over three-quarters of the economic benefits generated by rehabilitation remaining in the local communities and states where the projects are located, and

            WHEREAS, proposed enhancements to the Federal Historic Tax Credit would: support smaller “Main Street” projects; eliminate federal taxation of State historic tax credits; encourage energy efficiency; facilitate nonprofit sponsorship of historic tax credit projects; and restore the initial Congressional intent to make buildings that are 50 years old, rather than only those built prior to 1936, eligible for the 10 percent rehabilitation credit,

            NOW, THEREFORE BE IT RESOLVED that the United States Conference of Mayors supports the goals of the Federal Historic Tax Credit because of the well documented economic and job benefits to the nation’s cities; and

            BE IT FURTHER RESOLVED that the United States Conference of Mayors specifically supports the continued use and enhancement of the Federal Historic Tax Credit and its continued operation in the U.S. tax code.