December 3, 2017 - The American Institute of Architects (AIA) will lobby aggressively in coming days against significant inequities in both the House and Senate versions of the Tax Cuts and Jobs Act, just as the legislation heads into conference.
The House legislation abolishes the Historic Tax Credit (HTC), vital to the revitalization of America’s city centers and widely hailed as an economic engine since the Reagan Administration put them into place more than three decades ago. The Senate bill eliminates the current 10 percent credit for pre-1936 structures, and significantly dilutes the current 20 percent credit for certified historic structures by spreading it over a five-year period.
The Senate's tax reform bill allows small businesses that are organized as “pass through” companies (i.e. partnerships, sole proprietorships and S-Corporations) to reduce income through a 23 percent deduction. But, like the House-passed bill, the Senate bill totally excludes certain professional services companies - including all but the smallest architecture firms - from tax relief.
AIA 2017 President Thomas Vonier, FAIA, says:
"By weakening the Historic Tax Credits, Congress and the Administration will hurt historic rehabilitation projects all across the country - something to which architects have been committed for decades. Since 1976, the HTCs have generated some $132 billion in private investment, involving nearly 43,000 projects. The Historic Tax Credit is fundamental to maintaining America's architectural heritage.
"Unfortunately, both bills for some reason continue to exclude architects and other small business service professions by name from lower tax rates. There's no public policy reason to do this. Design and construction firms do much more than provide a service; they produce a major component of the nation's gross domestic product and are a major catalyst for job growth.
"Our members across the country are already mobilized to make sure their Congressional delegations know these views. In the coming days, we will spare no effort to make sure members of the House-Senate conference committee know the views of the AIA's more than 90,000 members on the inequities in both pieces of legislation
"We say this again: tax reforms must achieve three basic goals to ensure the vitality of small business and the health, safety and welfare of our communities:
· Preserve tax policies that support and strengthen small businesses.
· Support innovative, economically vibrant, sustainable and resilient buildings and communities.
· Ensure fairness.
"So far, this legislation still falls well short of these goals. If passed, Congress would be making a terrible mistake."
Related Stories
| May 22, 2012
Casaccio Architects and GYA Architects join to form Casaccio Yu Architects
Architects Lee A. Casaccio, AIA, LEED AP, and George Yu, AIA, share leadership of the new firm.
| May 22, 2012
O’Connell Robertson acquires Mitchell Design Consultancy
Mary Ann A. Mitchell, AIA, IIDA, MDC principal and founder, joins O’Connell Robertson as part of the acquisition.
| May 21, 2012
$61,000 awarded to students in Cleveland’s ACE Mentor Program
Mayor Frank G. Jackson gives keynote address at scholarship event for 80 Cleveland Metropolitan School District students involved in the ACE Mentor Program, which provides guidance and assistance for students interested in careers in the integrated construction industry.
| May 21, 2012
Wayne, Pa.'s Radnor Middle School wins national green award
Radnor Middle School among the most sustainable schools in the U.S.
| May 21, 2012
Winchester High School receives NuRoof system
Metal Roof Consultants attended a school board meeting and presented a sloped metal retrofit roof as an alternative to tearing off the existing roof and replacing it with another flat roof.
| May 17, 2012
EMerge Alliance forms new Campus Microgrid Technical Standards Committee
Intel leading the charge to connect multiple DC microgrids throughout commercial buildings; others invited to join effort.
| May 16, 2012
AIA issues guide to IGCC
Getting the IgCC adopted in all 50 states and in jurisdictions across the country is the primary mission of the ICC, which published the code in March.
| May 16, 2012
Architecture Billings Index reverts to negative territory
Decline is possibly a brief pause from unusually strong winter activity.
| May 16, 2012
AEG releases 3D video of L.A.'s Farmers Field
The Los Angeles Convention Center footage depicts the new convention center hall spaces, including a new lobby above Pico Boulevard, pre-function space, and what will be the largest multi-purpose ballroom in Los Angeles.
| May 16, 2012
Balfour Beatty Construction taps Kiger as VP of operations
Kiger will manage current relationships and pursue other strategic clients, including select healthcare clients and strategic project pursuits in the Central Tennessee region.
