The Trump Administration's proposed tax plan would cut historic tax credits. Historic tax credits give a 20% discount to developers redeveloping historic properties and a 10% discount to developers revitalizing old properties not listed on the historic register. John D. Lesak, architect and principal with Page & Turnbull, and Carolyn Kiernat, an architect and principal with Page & Turnbull, say that these tax credits incentivize preservation and revitalize neighborhoods as well as spur economic development. We sat down with Kiernat and Lesak to talk about the consequences of cutting these tax credits and the benefits of keeping them.

GlobeSt.com: Can you give me a little background on the historic tax credits?

Carolyn Kiernat: Historic tax credits are a preservation incentive, so it is for buildings that are listed in or eligible for listing in the national register of historic places. The 20% credit is a credit to the bottom line in income tax statement, and it is a discount to the total costs, both hard an soft. That includes, construction costs, mechanical, structural engineer, plumbing, fees that go into the construction costs of a qualified historic resource. There is also a 10% credit for historic buildings that aren't listed in the national register and aren't eligible for listing in the national register. It is really just a form that the owner fills out and submits with their tax return.