PreservationDirectory.com
PreservationDirectory.com
 
home
preservation events & conferences
press releases & job postings
› main menu
› article guidelines
› submit an article
grants & funding sources
heritage marketing services
preservation library:
articles, regulations & policy
preservation organizations
& resources
museums & historic structures
historic real estate
preservation businesses,
products & services
historic lodging:
inns, b&b's, hotels
historic tours
preservation general resources
historic photo galleries
preservation bookstore
frequently asked questions
about us
join email list
contact us
site map


member login

Featured
Property For Sale
View more information about this historic property for sale in New Milford, Connecticut

Historic Home For Sale

New Milford, CT
PreservationDirectory.com
30 Bromley Road
Pittsford, NY 14534
Phone: (503) 308-0500

Email Us!
foo




Atlas Preservation

Mad Dog Primer

University of Oregon



PreservationDirectory.com

Endangered History     


Endangered History
Back to Press Releases Print   Submit an Article
Illinois Preservationists Push for State Rehab Credit
Historic Preservation Blog from PreservationDirectory.com - National Trust for Historic Preservation, State Rehab Credit, policy
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Website: http://www.nthp.org

The National Trust is galvanizing its membership and preservation advocates across Illinois to support the creation of a state rehabilitation tax credit based on Missouri’s successful state rehab credit. The Trust is asking preservation advocates to write their Senators and Representatives in support of HB 4823 and SB 2559, which are currently in their respective committees of jurisdiction. Illinois preservationists will be using the statistics about other state rehab credits to make the case for the proposed tax credit program in HB 4823 and SB 2559 for Illinois.

The proposed tax credit would:

  • Create jobs at a time when their needed most. Because it is labor intensive, rehabilitation of historic buildings creates more jobs than new construction and manufacturing. The incredibly effective Missouri tax credit results in 8,060 in-state jobs each year —including 3,590 jobs in construction, 1,291 service jobs, and 1,062 retail jobs —for each $346 million spent annually on the rehabilitation of historic buildings.

  • Leverage Private and Federal Investment. Between 1997 and 2006, nearly $952 million in private investment was leveraged by the state tax credit program in Virginia. And Rhode Island saw an increase of more than 700% in their use of the federal rehab tax credit in the five year period after their state tax credit was enacted, bringing more than $78 million dollars in federal historic tax credits to that state.

  • Start to pay back the state immediately through taxes on construction jobs and materials. Because the tax credits are not released by the state until the rehab work is complete, one-third to onehalf of the state’ investment is returned before the building is even put back in service.
Reprinted by permission of the Public Policy Department of the National Trust

 


Keywords: National Trust for Historic Preservation, State Rehab Credit, policy

Posted: March 7, 2010
Back to Press Releases Print   Submit an Article


Unless noted, the thoughts and opinions expressed in the article are solely that of the
author and not necessarily the opinion of the editors of PreservationDirectory.com.
   



PreservationDirectory.com | preservation events & conferences | press releases & job postings | organizations & resources
museums & historic structures | historic real estate | preservation businesses, products & services | historic lodging
historic tours | preservation general resources | historic photo galleries | preservation bookstore | preservation library
frequently asked questions | about us | join email list | heritage marketing services | contact us | site map

© Copyright 2019 - PreservationDirectory.com | website by Stolutions