Broad Street Station
Philadelphia, PA
Considered an engineering marvel during its era.
Demolished in 1953
Library of Congress, Prints and Photographs Division
[Reproduction number, HABS, PA, 51-PHILA, 341-7].

While as a society we Americans appreciate our heritage and ancestry, we have not always had the foresight to preserve and protect the places of our past. This realization first came to light in the mid 20th century during the era of urban renewal and is what prompted Congress to create the National Historic Preservation Act of 1966.

This act established the National Register of Historic Places, a list of sites, buildings, objects, districts and structures significant in American history, architecture, archeology and culture. It did not, however, give the Federal government any real authority to protect these historic resources. Final protections rested with the state and municipal governments. Due to political and economic pressures, these governments often became advocates for the commercial interests behind the destruction of many listed historic buildings and communities. In response, Congress strengthened the 1966 legislation by passing the Tax Reform Act of 1976 and Tax Treatment Extension Act of 1980 which created the Federal Historic Preservation Tax Incentive Program and set the stage for the current wave of voluntary preservation in America.

The Program uses tax incentives to encourage owners of buildings of historical significance, and those contributing to historic districts on the National Register, to make historic preservation easement donations to not-for-profit historic trusts such as the Trust for Architectural Easements. As of 2004, 4,000 easements had been donated to historic trusts nationwide. Historic property owners who participated in the Program were eligible to receive Federal and often state and local income tax deductions equal to the loss in property value attributed to their historic preservation easement donations. These owners retain title to their structures and can change the interior, rent their building, sell it, will it or live in it as they wish. What these owners donated is the contractual assurance that they will maintain the property and not make changes to the historically significant features of the building's exterior.

The architectural integrity of the building is protected in perpetuity by an objective historic trust whose interests are motivated by preservation and is free from commercial and political pressures. Owners often reinvest their tax savings back into their buildings, using these funds to rehabilitate and restore their historic properties. For this reason the Federal Historic Preservation Tax Incentive Program is credited with helping to redevelop and repopulate historic neighborhoods in many major cities. Much of the renaissance in downtown Cleveland, Ohio; Savannah, Georgia; Brooklyn, New York and other urban areas can be attributed, at least partially, to this federal preservation program.