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Funding, Tax Incentives, Grants & Awards for Preservation Projects     


Funding, Tax Incentives, Grants & Awards for Preservation Projects
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Minnesota Senate Includes Historic Rehab Credit in Construction Stimulus Bill
Historic Preservation Blog from PreservationDirectory.com - Minnesota Senate, Historic Rehab Credit, Public Policy Department of the National Trust
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Email The Author: pr@nthp.org
Website: http://www.nthp.org

A historic rehabilitation tax credit is among the key provisions of a “construction stimulus” bill that’s on the move in the Minnesota Senate. On Monday, the Senate Business Industry and Jobs Committee passed the bill (SF 2568), which aims to create construction jobs with help from tax breaks, expanded local authority to impose assessments and issue bonds for qualifying projects, and land-use permit extensions, among other tools.  The bill, sponsored by Sen. Jim Metzen, DFL-South St. Paul, stems from the efforts of the Building Jobs Coalition, which includes building contractors, organized labor, historic preservation advocates, architects, engineers and local government officials. The Senate bill includes a 25% income tax credit on qualified rehabilitation expenditures for both income-producing and homeowner projects.

In the Minnesota House of Representatives, House Taxes Committee Chair Representative Ann Lenczewski (DFL—Bloomington) introduced House File (H.F.) 2695 on February 4.  This comprehensive jobs bill includes a state rehab tax credit that mirrors the 20% federal rehab tax credit for  income-producing National Register-listed properties.

Reprinted by permission of the Public Policy Department of the National Trust


Keywords: Minnesota Senate, Historic Rehab Credit, Public Policy Department of the National Trust

Posted: February 15, 2010
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