The Nebraska State Historic Tax Credit

[Coyote]

Join your friends and fellow Nebraskans at a call party in support of LB 191, the Nebraska Job Creation and Mainstreet Revitalization Act. At this event, we will inform you about LB 191 and give you the tools you need to call and email your legislator.

Passage of LB 191 would create a state historic tax credit. The credit is a financial incentive to encourage investment in historic resources in Nebraska’s urban cores, residential neighborhoods and small towns. The state historic tax credit would result in job creation, leverage private investment and generate local and state tax revenues.

If passed by the Unicameral, the law would provide an investment tax credit equal to 20% of approved costs associated with a qualified rehab of a historic property. The state historic tax credit could be used in combination with the federal historic tax credit allowing 40% to be credited back on your taxes for a qualified rehab.

What Properties Qualify for the State Historic Tax Credit?
• Income producing properties
• Properties individually listed in the National Register or a
contributing element of a historic district
• A designated landmark or within a landmark district pursuant
to local ordinances

Who Can Use the State Historic Tax Credit?
• Individuals
• Limited Liability Companies
• Partnerships
• Corporations
• Non Profits

What are the Advantages of the State Historic Tax Credit?
• 20% credit on your income taxes
• The ability to sell your tax credit to a bank or third party for
cash. This is a major benefit, because it allows the
rehabber to use that money to pay loans taken out for the
rehab.

Similar state historic tax credits have been used as economic tools in several states. For example, Missouri created a state historic tax credit in 1998. Since that time the credit has;
• Resulted in 43,105 jobs created or retained
• Leveraged $2.9 billion in private investment
• Generated $669 million in local and state tax revenues
• Utilized by 74 communities throughout the state. Out of the
total, 68 have been rural communities.

The state of Ohio also has a similar state historic tax credit. Since its creation, the credit has;
• Contributed to nearly 5,400 construction jobs
• Leveraged $780 million in total investment

The Nebraska State Historic Tax Credit will create incentives for project opportunities for critical redevelopment in historic downtowns, main streets and residential neighborhoods throughout the state. Clearly, this issue is about more than saving old buildings. The state historic tax credit program is a powerful and highly effective economic development tool that preserves Nebraska’s rich architectural heritage and leverages each community’s unique historic assets to support its future success.

The event will be held on Wednesday, January 22nd at inCommon located at 1340 Park Avenue from 6:30 until 8:30. If you can not make the event, you can find your senator's email and phone number by following the attached link.

http://www.nebraskalegislature.gov/sena ... r_find.php" onclick="window.open(this.href);return false;

[guitarguy]

Kind of a day late and dollar short on this one since they destroyed almost all of our historic buildings?