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Historic Tax Credits News Briefs - May 2016

Oklahoma’s Fiscal Responsibility Moratorium Act (S.B. 977) was altered Feb. 9 to withdraw a clause suspending the state’s historic tax credit (HTC) program. The tax credit suspensions had been proposed in response to the fact that Oklahoma is facing an estimated $900 million shortfall going into fiscal year 2017. State Sen. Mike Mazzei introduced the bill, which originally would have placed a two-year freeze on the HTC program. However, despite the state’s financial crisis, Mazzei withdrew the clause that would have suspended the HTCs after considering the benefits the credits provide for Oklahoma communities. Both the state 20 percent and 10 percent credit are still in use. S.B. 977 is available at www.historictaxcredits.com.

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The Advisory Council on Historic Preservation (ACHP) on March 8 recognized the Dayton, Ohio, Veterans Affairs Medical Center (VAMC) for its rehabilitation of the historic Grotto Gardens, a National Historic Landmark District, at a reception hosted by the National Conference of State Historic Preservation Officers in Washington, D.C. The VAMC was presented with the Chairman’s Award for Achievement in Historic Preservation. Also recognized for their involvement in this project was the American Veterans Heritage Center (AVHC) and the Ohio State University Extension, Montgomery County Master Gardener Volunteers. The Grotto Gardens were developed by resident Civil War veterans in the area, and by 1900, there were 25 acres of ornate gardens.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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