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ACTION ALERT: Contact Your Senators Regarding HB 152/SB 287 New Historic Preservation Tax Credit

April 06, 2015

Please contact your Senators and urge them to support HB 152/SB 287 New Historic Preservation Tax Credit. This legislation passed the House overwhelmingly less than two weeks ago, and even though the House bill may or may not be the vehicle by which an historic preservation credit is restored, League staff believes the issue is likely to remain in play until final budget negotiations are completed this summer. It is important to contact Senators now, with the bill freshly before them, to let them know of your support. 

The bill follows a League advocacy goal calling for the restoration of an historic tax credit and a competitive films incentives program. In establishing that goal, League members endorsed a tax credit, rather than a grant program subject to legislative cuts, believing it was needed in order to generate the widespread economic development associated with the previous tax credit. That tax credit expired at the end of last year.
The proposal which passed the House would create an historic credit of 10 to 20 percent of expenses, depending on the size of of the renovation project and where it occurred. In poorer Tier 1 and Tier 2 counties and for projects under $10 million, the higher percentage would apply.
In contacting your senators, please remind them of specific projects that might benefit from the restoration of the tax credit. Also, provide them any information related to municipal investment in your downtowns and other infrastructure investments by your town and city that have been made to benefit an historic restoration project. Finally, if you are from one of the many towns or cities where  textile and furniture mills closings have occurred over the last few decades, remind them about the financial consequences of those closings, including the effects on tax valuations.
Please let your Senators know how important historic preservation and the historic preservation tax credit program is to thriving downtowns and to larger economic development efforts.  

Posted on April 06, 2015 by Scott Mooneyham