Historic Tax Credits News Briefs - March 2013

Friday, March 1, 2013

Nebraska State Sen. Jeremy Nordquist introduced a bill in January that would establish a state rehabilitation tax credit for historic, income-producing properties in Nebraska. The Nebraska Job Creation and Mainstreet Revitalization Act (L.B. 191) would provide a 20 percent tax credit for historic rehabilitation development expenses of $10 million or less, or a 10 percent credit for expenses more than $10 million. The tax credit would be administered by the Nebraska State Historical Society and the Nebraska Department of Revenue. Read more on page 48.

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Secretary of the Interior Ken Salazar and U.S. Sen. Carl Levin, D-Mich., hosted a meeting in Detroit on how the federal historic preservation tax incentives (HTCs) can spark development in economically challenged communities. Salazar urged the National Park Service (NPS) to strengthen partnerships with local communities and state historic preservation offices. He also asked NPS to broaden the public’s understanding of the program’s benefits. The HTC it has supported more than 39,000 projects, generated $66 billion in private investment and created more than 2.2 million jobs. Meeting attendees included Federal Housing Administration Commissioner Carol Galante, Michigan State Historic Preservation Officer Brian Conway and Michigan State Development Authority Director Scott Woosley.

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Main Street Arkansas, the downtown development group under the Arkansas Historic Preservation Program, has named Greg Phillips as its new director. Phillips has served as the assistant director of Main Street Arkansas since 1997. Prior to joining Main Street Arkansas, Phillips worked with the Arkansas Symphony Orchestra and the Peoria Symphony Orchestra and the Peoria Ballet Company in Peoria, Ill. He graduated from Ouachita Baptist University and University of Central Arkansas’ Community Development Institute. Main Street Arkansas provides technical assistance and design services to promote downtown economic development across the state.

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A U.S. Government Accountability Office (GAO) report released in December found that data on federally owned historic buildings needs to be collected more consistently. GAO studied the General Services Administration (GSA), the National Park Service (NPS) and the Department of Veterans Affairs (VA) and identified the actions the agencies have taken to manage historic federal buildings as well as the challenges they face. The report found that GSA, NPS and VA have all nominated historic buildings in their portfolios to the National Register of Historic Places, as required by the National Historic Preservation Act. All three agencies have leased buildings that were no longer suitable for current mission purposes to nonfederal entities and implemented projects to improve buildings’ environmental sustainability. Common challenges include functional and budgetary limitations and competing stakeholder interests. Agencies have not been able to submit completed or consistent reports on many of their buildings to the Federal Real Property Profile (FRPP), a comprehensive and descriptive database for all real property held by executive branch agencies. GAO suggested improvements to the FRPP would enhance the government’s ability to manage historic buildings.

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The National Trust for Historic Preservation launched the National Main Street Center Inc. as a new subsidiary of its 33-year-old National Main Street program. The subsidiary will help support and expand the National Main Street Center, which oversees local and regional preservation groups across the country. Barbara G. Sidway, a private developer and co-founder of the Oregon Main Street program, was named the first chair of its board of directors.

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New York Gov. Andrew Cuomo unveiled his proposed 2013-2014 executive budget. Part of his proposal includes extending the existing $5 million state HTC through 2019 and making the credit refundable beginning in 2015. The state HTC was due to expire at the end of 2014.

Journal Category: 
Historic Tax Credits
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