HB 456 Raises KY’s State Historic Tax Credit Program from $5M to $30M Annually

Kentucky’s Historic Tax Credit Program

*Proven Economic Development Tool

*Positive, Strong Financial Return on Investment

*Permanent Job Creator

*Vital to Community Revitalization

 

KEY POINTS – HB 456

*Raises current program cap from $5Million to $30Million annually
*Maintains 20% credit for income producing/commercial properties
*Maintains 30% credit for owner-occupied residential properties
*Maintains transferability of credit

 

BENEFITS – HB 456

*Allows more projects to benefit statewide
*Helps more communities with revitalization incentives
*Stimulates economy with increased property, sales, payroll taxes
*Makes KY more competitive with bordering states
*Increases appeal to out-of-state developers, businesses

 

URGENT

We have less than one week to let our voices be heard!
 

HOW YOU CAN HELP – TAKE ACTION NOW

*Call and email your State House Representative and ask him/her  to support HB 456.
Find your Legislators here – search by county
*Call and email House Appropriations & Revenue Committee members and let them know you support HB 456
*Thank HB 456 Sponsors and let them know you support the bill
Rep. Tommy Turner – Pulaski, Laurel Counties
Rep. Adam Bowling – Bell, Harlan Counties
*Post your support on social media, encourage others to support
*Ask family members, friends, neighbors and colleagues to  support, call and email their Representative.

 

KY’s Current Historic Tax Credit Program

*Enacted into law in 2005, a low risk-high return program
*Administered by the Kentucky Heritage Council
*Available to all 120 counties and communities of all sizes
 With 3,200 historic districts, sites and structures encompassing  more than 42,000 historic properties in all 120 counties, it’s  important that we capitalize on these valuable assets!
*Since 2005:
 $517 Million of private funds invested in historic buildings,  leveraged through $39.7 Million in credits
 871 Buildings rehabilitated
 17,475 Jobs created

 

How it Helps Communities

*Provides credit for owner-occupied homes, unlike Federal HTC
*Benefits state immediately with tax revenue during construction
*Returns more to state treasury than it costs
*Returns vacant, underutilized, endangered buildings to tax rolls
*Boosts tax revenues – sales, payroll, property
*Provides income for community improvements
*Serves as catalyst for additional local investment
*Creates construction and permanent jobs
*Encourages revitalization in blighted areas
*Encourages adaptive reuse of buildings that risk demolition
*Reverses economic decline in central business districts
*Helps spur redevelopment in surrounding areas
*Restores civic pride to communities
*Provides positive return on investment for owners and state
In 2018, the Kentucky Heritage Council received 115 applications from 20 counties, with 111 approved pending completion, representing $106,128,944 in proposed private investment.
The
 
Kentucky Heritage Council
manages the Historic Tax Credit Program.  Learn more about the state tax credit works and how HB 456 will help here.