January 21, 2014
Help Improve Georgia’s Historic Tax Credit
The APC would like to express its support for the Georgia Trust and National Trust in this issue that is important to preservation in the City as well as the State. Please take a moment to review this statement by National Trust for Historic Preservation.
Even though it’s not April 15 yet, it’s time to talk taxes.
Why? Because your elected officials are.
On Capitol Hill, legislators are considering reforming the tax code which could have consequences for the extremely effective federal historic tax credit.
In Atlanta, state legislators are discussing economic development strategies to increase the state’s competitiveness. Governor Nathan Deal’s “Competitiveness Initiative 2.0 Task Force” recommends improving the state’s historic tax credit to bring more jobs to Georgia. The “Georgia Prosperity through Preservation” bill (House Bill 308) introduced by Rep. Allen Peake makes those improvements.
Join us at the Georgia Capitol at 10:30 a.m. on Wednesday, January 22 for meetings with state legislators and an up-to-the-minute briefing on how you can support federal and state historic tax credits – to spur job creation, revitalization and historic preservation in Georgia. Remarks will be made by Ben Dupuy of Stonehenge Capital Co. and Michael Phillips of NTCIC, a National Trust subsidiary.
Information on House Bill 308 is provided below; additional talking points will be provided at the Capitol.
To RSVP, please contact Mark C. McDonald, President & CEO, Georgia Trust for Historic Preservation, email@example.com or 404-885-7801. Meeting times and locations will be provided upon receipt of your RSVP.
Please forward and encourage other supporters of historic preservation to participate.
Thomas Cassidy Jr.
Vice President, Government Relations and Policy
House Bill 308 Details
House Bill 308 strengthens the state historic tax credit program by increasing the per-project cap from $300,000 to $5 million for income-producing buildings and allowing credits to be transferred to qualified investors and institutions with Georgia tax liability.
Many states in the region do not restrict their historic rehabilitation tax credit program with a per-project cap. The only state in our region with a lower per-project cap on its historic tax credit is Arkansas. Rep. Peake’s bill would help make Georgia more competitive.