HOW YOU CAN HELP – TAKE ACTION NOW
*Call your House Representative and State Senator and tell the legislative aide who answers the phone that you want your elected official to support HB 344 and join the Bill as a Co-Sponsor.
Why calling is best: Calling is better than emailing because Legislators get inundated with email. Daily call sheets provide the information they need at-a-glance and are more readily seen. Aides who answer the phone will log your support on your Senator and Representative’s call sheets.
*Thank HB 344 Sponsor Rep. Adam Bowling (Bell, Harlan Counties) 502-564-8100 ext. 664 and let him know you support the bill
*Post your support on social media and encourage others to support and do the same
*Ask family members, friends, neighbors and colleagues to support HB 344 and call their Representatives and Senators.
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 listed in the National Register of Historic Places encompassing more than 42,000 historic properties in all 120 counties, so it’s important that we capitalize on these valuable assets!
*Since implemented in 2005, through 2020, the state historic tax credit has resulted in:
$597 Million of private funds invested in historic buildings, leveraged through $46.8 Million in credits
1,045 Buildings rehabilitated across Kentucky
17,475 Jobs created
$1Billion value of investments in projects reviewed by the Kentucky Heritage Council annually
In 2020, the Kentucky Heritage Council, which administers the tax credits, received a record number of 153 applications for the Kentucky Historic Preservation Tax Credit from 22 counties; 127 of these were approved pending completion of the work. These approved projects represent $161,582,277 in proposed private investment in rehabilitation.
In 2019, Kentucky ranked 12th nationally utilizing the Federal Historic Preservation Tax Credit, with 27 successfully completed projects generating investment of $61,006,459. The Federal HTC can often be utilized in tandem with the Kentucky Historic Preservation Tax Credit, a key provision that strengthens use and effectiveness for both programs.
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
The Kentucky Heritage Council, Tourism Arts & Heritage Cabinet, administers the Historic Tax Credit Program. Learn more about how the State and Federal Historic Preservation Tax Credits work here.