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State Tax Credit News Briefs – April 2018

Historic rehabilitation efforts in Virginia were recognized mid-February when new first lady Pamela Northam discussed two studies at an annual legislative reception. One study, “Preserving the Past, Building the Future: HRTC at Work in Virginia,” conducted by the L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University, focused on the returns from investment in historic preservation through rehabilitation tax credits (HTCs). A separate, complementary study by Preservation Virginia examined the impact of the federal HTCs on Virginia’s economy. The second study found that the HTC program resulted in $467 million in economic output, supported 9,960 jobs and generated $3.50 for every $1 invested through the first three years. The state program has issued $1.2 billion in tax credits, leveraging $4.5 billion in private investment since 1997.

Journal Category:

State Tax Credits

Authors:

Novogradac

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