HB 344 Improves KY’s Historic Tax Credit-Sign the Petition to Support!
House Bill 344 proposes much needed improvements to Kentucky’s state Historic Preservation Tax Credit.
Sponsored by Rep. Adam Bowling, HB 344 will:
>Amend KRS 171.396 to expand the certified rehabilitation tax credit cap to $30Million annually instead of the current tax credit cap of $5Million annually
>Define a rural county
>Amend KRS 171.397 to allow a 30% credit for qualified expenses for properties located within a rural county
>Change the maximum credit that can be claimed for all other properties that are not owner-occupied residential to $5Million annually instead of the current cap of $400,000 annually
>Reserve 40% of the certified rehabilitation credit cap for properties located in a rural county
>Amend KRS 141.0205 to allow for ordering of the credits
1. Please Sign the Petition below to support improvements to increase Kentucky’s Historic Preservation Tax Credit program from $5M to $30M
2. Please Call your Legislators and tell them you support improvements to Kentucky’s state Historic Preservation Tax Credit program.
Kentucky’s Historic Preservation 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.
HB 344 will help more rural communities by:
This will provide critical economic development incentives for historic property owners in all communities throughout the Commonwealth.
The stronger our numbers, the stronger our voice! Please add your name to the form below to show your support for this important legislation!
Sign the petition today!
>View and download the flier here.
Why calling is best: Calling is much 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. Legislative aides who answer the phone will log your support on your Senator and Representative’s call sheets.
>View the benefits of HB 344 and the photo gallery below to see how Kentucky’s Historic Preservation Tax Credit is helping communities around the state.
Thank you for your support!
Betsy Hatfield, Executive Director
If passed, HB 344 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
- Sponsor: Adam Bowling (R) Bell/Harlan Counties
- Overview – Follow the Bill >>
- Statute >>
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.