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October 30, 2017

The Honorable Paul Ryan The Honorable Nancy Pelosi

Speaker Minority Leader

U.S. House of Representatives U.S. House of Representatives

H-232 The Capitol The Capitol

Washington, DC. 20515 Washington, DC. 20515

The Honorable Kevin Brady The Honorable Richard Neal

Chairman Ranking Member

Committee on Ways Means Committee on Ways Means

1 102 Longworth House Of?ce Building 1 139 Longworth House Office Building
Washington, DC. 20515 Washington, DC. 20515

Dear Speaker Ryan, Leader Pelosi, Chairman Brady and Ranking Member Neal:

We respectfully urge you preserve the Historic Tax Credit as you craft a comprehensive tax reform package. As members
of the Ohio delegation, we have seen ?rst-hand the positive economic outcomes that can be attributed to the success of the
Historic Tax Credit.

This credit allows businesses to invest in historic development opportunities with certainty and has spurred economic growth
throughout Ohio and around the country. According to the National Park Service, for every federal dollar spent, the Historic
Tax Credit has consistently retumed approximately $1.20 in economic gain. The Historic Tax Credit has contributed to the
revitalization and transformation of small towns and big cities in Ohio: from Cincinnati to Cleveland, and Toledo to
Marietta, every city in Ohio with a designated national historic register building is eligible, including over 3,800 listings in
88 counties.

It is important to note, the Historic Tax Credit cannot be claimed until the prOperty is rehabilitated and completed, and it
carries a ?ve-year recapture period. This process requires the private sector to take 100 percent of the risk Lip-front and
prevents taxpayer dollars from being wasted. The historic credit has enabled rehabilitation of buildings that were not
economically feasible and spurred major economic growth to downtowns and rural communities alike.

Since 1976, Ohio has claimed over $4 billion in HTC, for more than 1,900 properties. Rehabilitation is a proven local job
generator, one of the goals of our tax reform package. As tax reform moves forward, Ohio will not abandon this important
program, which makes our cities more attractive and competitive destinations.

The Historic Tax Credit has a proven successful track record and is vital to Ohio communities reemerging after economic
hardship. We urge you to maintain the historic credit as you consider tax reform. Thank you for your attention to this matter.

Sincerely,


Bob Gibbs
Member of Congress

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