Policy experts say proposals for the Republican tax plan, which has been reconciled in the House and Senate and is expected to be released Friday, could wreak havoc on municipal budgets already reeling from a decline in sales and income tax revenue. The federal historic preservation credit, a financial tool used to rehabilitate older buildings and promote investment in the neighborhoods that house them, will likely be scaled back or eliminated completely. When a reporter from Curbed’s national team wanted to know more about the potential impact on the country’s cities and towns, we put a reporter in touch with attorney Darryl Jacobs of Taylor Johnson client Ginsberg Jacobs LLC. Jacobs, a tax credit expert, was clear in his assessment: “If we lose this tool, it’s going to be devastating.”

Darryl Jacobs, co-founder of Chicago based law firm Ginsberg Jacobs, is one the country’s leading tax credit experts.