I am surprised by the number of people who are attempting to spin what is going on in Washington DC right now related to the Historic Tax Credit changes proposed by The Tax Reform Act as “not that bad” or “it could be worse”. True, an outright elimination of the Preservation Credit for Historic Properties could be worse, especially for developers who rely on the program. But the changes could not be more dire for the owners of historic shell properties who will not be able to qualify for grandfathering under the old rules. The City of Richmond’s real estate tax base is also going to suffer a whopping blow. Let me walk you through the math.