From Preservation Action:
Disappointing news out of Minnesota this week, where the state's very successful Historic Tax Credit program has expired. Minnesota's Historic Tax Credit (HTC) program, which provides a 20% tax credit toward qualified rehabilitation expenses, officially sunset on June 30th, leaving numerous projects across the state in limbo. Despite broad bipartisan support and legislation in both the state House and Senate, efforts to extend the program were caught up in debate on a larger tax bill. Lawmakers failed to approve a larger tax bill, included an extension of Minnesota's HTC, before the end of the legislative session.
Advocates are calling for lawmakers to reconvene for a special legislative session ASAP and renew Minnesota's incredibly successful Historic Tax Credit program.
Since Minnesota's Historic Tax Credit was established in 2010, more than 130 historic buildings have been rehabilitated and the economic impact has been substantial. State HTC projects have generated $5 billion in economic activity, supported 20,000 jobs and produced $1.9 billion in labor income. The program returns $11.30 in economic activity for every $1 in tax credits.
Check out our partners at RETHOS and RevitalizeMN to learn more and find out how you can take action!
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