Historic Tax Credits: Making Historic Tax Credits Work for Kentucky
As Kentucky’s business environment continues to evolve, the importance of historic buildings as economic generators continues to increase. Tourists, young professionals, technology startups, and established companies alike continue to value the unique spaces and locations that many of the Commonwealth’s historic structures offer. Kentucky may have the proudest history of any state in the union, and with 3,200 districts, sites and structures encompassing more than 42,000 historic properties, it is important that Kentuckians capitalize on these invaluable assets.
The purpose of the Historic Tax Credit is to bring dilapidated buildings back to active occupancy, drive economic development, and create jobs. Historic Preservation Tax Credits incentivize the investment of outside private capital in Kentucky and with eligible buildings in all 120 counties, this economic development and job creation tool must be returned to a functional program. Nearly every bordering state has a more robust Historic Tax Credit Program than Kentucky, so the time is now for the Commonwealth to implement the reforms necessary for it to compete.
Photo: Germantown Mill Lofts, recipient of Preservation Kentucky’s 2016 Excellence in Preservation Awards for use of the Federal and State Historic Tax Credit. Located in Louisville’s Germantown neighborhood, 946 Goss Avenue.