For those concerned with recent proposals to overhaul the nation’s tax code, it can feel like they’re dealing with a giant pile of what-if and if-then scenarios. The proposals from the House and Senate aren’t winning over everyone, but do they ever? But within the tax bill lie a few key components that are important for the commercial real estate industry in Chicago. This includes changes to the New Markets Tax Credit program and the federal Historic Tax Credit program.
On Nov. 16, the House passed a significant tax overhaul, just two weeks after the bill was unveiled. Eyes are now on the Senate, where members will attempt to move ahead with their own proposal. There are significant differences between the House bill and the Senate bill, but what’s important for many Republicans is to deliver the first major legislative victory for President Trump.
In the House bill, the new markets tax credit, the federal historic tax credit and the non-historic rehabilitation credit would be eliminated after 2017. The HTC program is an important tool for incentivizing the redevelopment of older buildings—something that developers, planners and preservation advocates value greatly. The NMTC program was initiated to incentivize community development and economic growth through tax credits that attract investors to distressed communities................Read More
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