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
| Aug 11, 2010
Skanska Promotes Richard Kennedy to COO for NY/NJ Metro Area
Skanska USA Building Inc., headquartered in Parsippany, N.J., has announced that Richard Kennedy was promoted to Chief Operating Officer from his previous role as Senior Vice President – General Counsel. Kennedy’s promotion marks the latest addition to Skanska’s national leadership team.
| Aug 11, 2010
The New Yorker's David Owen: Why Manhattan is America's greenest community
David Owen is a staff writer at The New Yorker and the author of 14 books, most recently Green Metropolis: Why Living Smaller, Living Closer, and Driving Less Are the Keys to Sustainability, in which he argues that Manhattan is the greenest community in America. He graduated from Harvard and lives in Washington, Conn., where he chairs the town planning commission.
| Aug 11, 2010
Brown Craig Turner opens senior living studio
Baltimore-based architecture and design firm Brown Craig Turner has significantly expanded its housing design capabilities and expertise with the launch of its new senior living studio.
| Aug 11, 2010
George H. Miller, FAIA, inaugurated as 2010 AIA President
George H. Miller, FAIA, partner at Pei Cobb Freed & Partners LLP, was inaugurated as the 86th president of the American Institute of Architects (AIA) during ceremonies held on December 4th.
| Aug 11, 2010
Burwell Architects, Ziegler Cooper Architects announce merger
Ziegler Cooper Architects is pleased to announce that Burwell Architects has merged into the Corporate Interior Studio of Ziegler Cooper Architects. We believe the new relationship will enhance and expand the services we can provide to our clients.
| Aug 11, 2010
BE&K Building Group, Turner, BRPH awarded Boeing 787 Dreamliner assembly plant project
A joint venture of the BE&K Building Group and Turner Construction (BE&K | Turner), with design partner BRPH, has been awarded the design-build contract for design and construction of The Boeing Company’s new 787 Dreamliner final assembly plant in North Charleston, South Carolina.
| Aug 11, 2010
Sustainable Buildings as Teaching Tools: 4 Strategies for Integrating Buildings into Experiential Learning
4 Strategies for Integrating Buildings into Experiential Learning
| Aug 11, 2010
Using physical mockups to identify curtain wall design flaws
Part two of a five-part series on diagnosing and avoiding cladding, glazing, and roofing failures from building forensics expert IBA Consultants.