Preservationists say tax incentive protects historic buildings

According to a document provided by Arizona Preservation Foundation Board of Directors President Jim McPherson and Renee Kuhlman from the National Trust for Historic Preservation, the Historic Tax Credit (HTC) encourages private investment in the rehabilitation of historic buildings.

“The credit attracts private capital–$120.8 billion since inception–to revitalize often abandoned and underperforming properties that have a financing gap between what banks will lend and the total development cost of the transaction,” the document said.

The HTC is administered by the National Park Service and the Internal Revenue Service in conjunction with the State Historic Preservation Offices, according to the sheet. Curtain factory outlet A 20 percent credit applies to certified historic structures.

In order to be eligible for the tax credit, a building has to be at least 50 years old and should have some historical significance. Baseball fantasy camp A building must be in the process of getting historic preservation status in order to be eligible.

Donna Reiner, secretary-treasurer of the Arizona Preservation Foundation in Phoenix, said tax credits are most importantly used as a stop gap for the funding projects have already been able to get.

Reiner said the tax credits are used for helping with the restoration of buildings. Eephus pitch gif The document noted particular difficulties historic properties have such as higher costs, greater design challenges and weaker market locations.

“They can’t necessarily use it for everything they think they might be able to use it for. Fantasy football mock draft ppr I don’t think there’s always a good understanding of what those historic tax credits are and can be used for,” Reiner said. Jain irrigation inc “That’s part of, I think, the preservation community’s responsibility is to explain what they are.”

“Sometimes it depends on what the building’s original use was and then what the proposed new use is,” Reiner said. Landscape construction “There are lots of little angles in there to consider whether tax credits are your best avenue to help your project.”

“We would love to see it continued as a tool for downtown reuse and preservation development,” McPherson said. Lattice definition chemistry “We will continue to promote it to the development community that they can use to help revitalize their communities.”

“I think one of the most recent ones, and it’s really spectacular considering the age of the building and how long it was vacant, is the Hilton Garden Inn,” said Reiner.

President and CEO of the National Trust for Historic Preservation Stephanie K. Roll pitch yaw angles Meeks addressed the tax credit’s future in a recent statement. Synthetic fiber crossword The statement said that in late January, House and Senate Republicans were at a policy retreat in Philadelphia discussing their “Better Way” tax reform blueprint, which generally proposes to eliminate many tax credits and deductions, which would include the Historic Tax Credit.

Reiner said that she hopes future tax credits could help save some of the downtown Phoenix buildings where developers are more interested in the property instead of the buildings.

Reiner said there is concern that the federal government will drop the Historic Tax Credit, but according to Brevoort, no one knows what will happen at this point.

“It seems to be safe vis-à-vis what we hear from people who have been involved in congress before,” said Brevoort. Garden layout planner “Those of us who are involved in the field are all assuming that it’s safe, but given the current political climate, no one really has any certainty at the moment. Gardenia yellow leaves Most of us are confident it will survive.”

Brevoort said it is logical that any credit that creates jobs, creates economic incentive and creates investment is a logical thing to keep but that it is hard to say how current projects applying for the tax credit would be affected if the federal government did drop it.

“It would depend on how the legislation would come down. Ncaa basketball tournament 2015 There’s no definitive answer to that at the moment,” Brevoort said. Facebook mobile login “Most projects are moving forward anyway assuming the credits will survive.”

“Economically it would be devastating, I think, across the country, because when you start looking, it never funds the whole project, so it’s just a portion of it,” Reiner said. Landscaping near me “What you would be losing is buildings getting built, reused, all the construction jobs that would be associated with doing whatever they have to do, and then any of the jobs that would be related to the reuse of the building,” she said.

“It would be an additional credit allocated at the state level,” Brevoort said. Duke basketball score today “If the two credits were combined it would have a huge impact on the credits as an investment incentive tool.”

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