Congressman Cohen Defends Historic Preservation Tax Credits
WASHINGTON – Congressman Steve Cohen (TN-09) today wrote to the chairman and ranking member of the House Ways and Means Committee asking for reconsideration of a provision in a pending GOP tax bill that would end Historic Preservation Tax credits.
Citing a recent article in The Memphis Commercial Appeal, Cohen noted the many projects in Memphis, across Tennessee, and the country that exist today because private developers have been able leverage their investments in historic buildings through use of the credit. See the text of his letter here.
“The Historic Preservation Tax Credit has helped in the renaissance of Downtown Memphis, including Main Street and Court Square Center and its restoration of the historic Lowenstein building and Lincoln American Tower,” Cohen noted.
The loss of the tax credit could upend plans to renovate other Memphis landmarks such as the Claiborne Temple.
Cohen has had a long history supporting historic preservation efforts. In July 2016, Cohen and Congressman Bradley Byrne (AL-01) introduced a bipartisan amendment to the Interior and Related Agencies Appropriations Bill to increase funding for the Historic Preservation Fund by $2 million to be used for competitive grants to preserve sites and stories of the Civil Rights Movement. This amendment was in addition to his support of annual letters to the Appropriations Committee to increase Federal funds dedicated to the preservation and restoration of structures of historic significance.