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State historic tax credit programs create jobs, livable urban communities

March 2, 2009

Not all state historic tax credit programs are created equal, according to a recent post in Preservation Nation.  But the economic results can be impressive.  In Missouri, in just ten years, over 900 rehabilitation projects in 37 counties and 55 communities across the state have been completed thanks to that state’s 25% historic tax credit. This translates into over $2 billion that has been invested in the rehabilitation of historic buildings.

s_ninth_-facade_thumb_edited-1Missouri’s nationally recognized tax credit program has created jobs and generated enormous economic activity.  From the rehabilitation of Main Streets and residences to the transformation of major urban centers, the impact of Missouri’s policy can be seen across the state.  One of the biggest success stories comes from St. Louis, where the credit was used to help rehabilitate nearly 100 vacant and abandoned buildings in the core of the city.     According to John Williams, the president of the St. Louis Association of Realtors,  “Economically, restoration projects have created well-paying jobs and increased tourism dollars. Property vales have increased, as well as revenue to local municipalities. Environmentally, restoring versus demolishing old buildings has helped reduce construction debris and conserve energy. Psychologically, more people are considering downtown as a viable place to work, play and live.”

Visit the New Jersey Heritage Development Coalition’s website and blog to learn more about the proposed NJ historic rehabilitation tax credit.

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One Comment leave one →
  1. March 3, 2009 3:28 pm

    And Maryland’s tax credit has even more impressive statistics: Since the program’s inception in 1996, it has facilitated 589 historic commercial building and 3,033 owner-occupied residence rehabilitations. Projects have taken place in every county and Baltimore City. Those projects have produced over $1.5 billion in total direct rehabilitation expenditures by owners and developers, assisted by approximately $342 million in State tax credits—a threefold return on Maryland’s investment. The credits have transformed older neighborhoods into vital places to live, work and play, while creating jobs, investment and tax revenue for Maryland.

    Talk about a jobs-creating economic stimulus!

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