KY Legislators, Gov. Increase State’s Historic Tax Credit from $5M to $100M!

We are thrilled the General Assembly approved and the Governor signed into law an increase in the program cap for Kentucky’s Historic Preservation Tax Credit from $5Million to $100Million!  This is a huge boost for Kentucky’s economy, workforce and jobs, and a powerful program to reinvest in Kentucky.

The demand for Kentucky’s Historic Preservation Tax Credit has exceeded its resources since it was signed into law with the JOBS for KY Tax Modernization Bill in 2005.  Kentucky’s HTC leverages millions in private capital that likely would not otherwise come to invest in our state, increases the property tax base for local governments, creating new local and state revenues, and restores historic downtowns—a key tourism draw, driving hotel stays, bringing out of state spending to Kentucky, providing jobs and building local pride.

Kentucky’s HTC starts reinvesting in communities throughout the Commonwealth immediately, from Paducah to Pikeville, in both rural and urban areas, by employing skilled labor, purchasing local goods and often putting vacant buildings back into use and on the tax rolls.  It’s one of the best tools we have to protect our history while investing in it.

Please thank your legislators and the governor for supporting historic preservation and ask them to continue to work to promote historic preservation across the state!

 

 

 

General Assembly 2021

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:

*Providing a 30% credit for projects in rural counties with populations below 50,000
*Reserving 40% of the $30Million for rural counties with populations below 50,000

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. 

>Call your House Representatives and State Senators and tell the legislative aide who answers the phone that you want your elected official to support HB 325.

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
Preservation Kentucky

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 >>

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.

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.