1/24/2008

Historic Preservation Tax Credits

For years, many property owners have benefited from receiving state tax credits for restoring historic buildings. This year, the State Legislature is debating HB08-1033 regarding whether to continue to offer these tax incentives. Proponents argue that the tax credit is essential to encouraging property owners to upkeep their buildings, which translates to increased property values for both themselves and their neighbors, and encourages the restoration of old buildings rather than their removal and subsequent rebuilding of new structures. Without these tax credits, many historic structures still stand that otherwise may have been lost. Opponents of the measure, however, argue that the state shouldn't be paying for personal property such as home fix-ups (though the credits do go to public buildings as well as residential.)

The bill is currently in committee and, if it passes, will move to the floor of the house. For more information on tax credits for historic properties, see the following publications:

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