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Federal Historic Tax Credit Almost Repealed During 2017-2018 Tax Reform
Kentucky Historic Tax Credit Almost Suspended During Kentucky’s 2018 Legislative Session.
Potential suspension of Kentucky’s Historic Preservation Tax Credit via a “notwithstanding” clause threatened historic preservation projects and revitalization efforts throughout the Commonwealth during the 2018 General Assembly.
Happening literally days before the close of the 2018 session with a short amount of time to mobilize a Call to Action, preservationists and supporters throughout the state rallied to champion its case for legislators.
Losing the credit would have had a devastating effect on many current and pending projects, bringing to a halt economic development efforts and making it even more difficult for small Main Street communities to execute local redevelopment projects that drive job creation, tourism and civic pride.
Our state historic tax credit is a proven economic development driver that incentivizes the investment of private capital; and, is responsible for saving hundreds of historic buildings, putting them back into service, and restoring and sustaining their values on the property tax rolls for many years to come.
A last-minute, aggressive phone, email, letter writing and social media campaign helped keep the tax credit from suspension – and reminded lawmakers how valuable it is for our state economy.
See the Numbers > Impact of Kentucky’s State Historic Preservation Tax Credit Since 2005