Sign-on letter to support Bill HB 325 to increase
Kentucky’s Historic Tax Credit program cap
from $5M to $30M

 

Dear Friends,

Kentucky’s Historic Tax Credit has been a vital economic development tool to revitalize neighborhoods, Main Streets and downtowns, put Kentuckians to work and keep them in the workforce, return once-vacant buildings to tax rolls, and generate income for community improvements.

With bi-partisan sponsorship, this proposed legislation in Kentucky’s 2020 General Assembly will provide critical economic development incentives for historic properties owners in all communities throughout the Commonwealth.  Please add your name to the form below to show your support for this important legislation!

If passed, HB 325 will:

  • Increase the current program cap from $5 million to $30 million
  • Provide an enhanced incentive for rural communities with a 30% credit for projects in counties with populations less than 50,000
  • Reserve 40% of the tax credit for rural projects
  • Maintain a 30% credit for owner-occupied residential properties
  • Maintain a 20% credit for incoming producing/commercial properties and increase the project cap from $400,000 to $5 million annually

Benefits to Kentucky:

  • Allow more projects to benefit statewide
  • Help more communities with revitalization incentives
  • Stimulate the economy with increased property, sales and payroll taxes
  • Make Kentucky more competitive with bordering states
  • Increase appeal to out-of-state developers and businesses
  • Sponsors: Adam Bowling (R) Bell/Harlan Counties / Terri Branham Clark (D) Boyd Co.
  • Overview >>
  • Statute >>

The Staun Family used Kentucky’s state Historic Tax Credit for residential properties to renovate their home in Newport, Campbell Co., and received a Preservation Kentucky Excellence in Preservation Award in 2014.

Formerly Noonan’s Grocery in Frankfort, this mixed use building with first floor retail and second floor residential was saved from demolition by using Kentucky’s Historic Tax Credit.  The Franklin Co. owners received a Preservation Kentucky Excellence in Preservation Award in 2014.

Paducah’s City Hall, a Mid-Century Modern building designed by internationally acclaimed architect Edward Durrell Stone in 1963, was saved from demolition utilizing Kentucky’s Historic Tax Credit.  The City of Paducah, McCracken Co., received a Preservation Kentucky Excellence in Preservation Award in 2019 for preserving this important landmark.

Sign the petition today!

 

Thank you for your support!

Betsy Hatfield, Executive Director
Preservation Kentucky

Potter’s Castle in Bowling Green, Warren Co. utilized Kentucky’s state Historic Tax Credit for residential properties and received a Preservation Kentucky Excellence in Preservation Award in 2016.

Our state historic tax credit is important to Kentucky’s Main Street Program.  In Whitley County, the tax credit is revitalizing Williamsburg, population 5,245.

Once a home, this 1908 Queen Anne style cottage in Lexington, Fayette Co., was renovated into a doctors’ office using Kentucky’s state Historic Tax Credit and received Preservation Kentucky’s Excellence in Preservation Award in 2015.