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Historic Preservation Tax Credit

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  • patdemuth
    Historic Preservation Tax Credit Acoalition of cities, historical groups, and property developers is activelypromoting proposed legislation that would allow a
    Message 1 of 1 , Jan 29, 2008
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      Historic Preservation Tax Credit

      Acoalition of cities, historical groups, and property developers is activelypromoting proposed legislation that would allow a credit on state income taxesequal to 25 percent of the qualified cost of a historic rehabilitation ofresidential or income- producing properties. The proposed legislation, similar toprovisions in over 20 other states, would encourage private investment inhistoric properties in both urban and rural Minnesota , generating jobs and stimulatingeconomic development.

      TheHistoric Preservation Tax Credit was originally included in the House OmnibusTax bill as a 20 percent credit (HF2362.) A conference committee of House and Senate members included $3million for historic preservation grants in the final tax bill (HF2268) which passed the Legislature on May 21st. Governor Pawlenty vetoedthe tax bill on May 30th, therefore the historic preservation grant program itincluded – as well as the proposed HPTC – will not become law thisyear.

      Please contact your legislators tothank them for their hard work on the Historic Preservation Tax Credit thissession, and urge them to continue supporting it in future legislativesessions.

      Link to website with sample letter:
      http://capwiz.com/mnhs/issues/alert/?alertid=9722066&type=ML&show_alert=1

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