Omaha Senator Nordquist has introduced legislation that would create a tax credit to rehabilitate historically significant, income-producing properties.
The Nebraska Job Creation and Mainstreet Revitalization Act would make a 20 percent credit available for rehabilitation projects up to $10 million and 10 percent for projects beyond that amount.
"LB 191 is a
jobs bill. It will spur private investments in revitalizing Mainstreets all
across our state and create jobs in our communities," said Nordquist. "A state
historic tax credit is a win-win for Nebraskans - we can bring significant
economic development to our communities, while preserving valuable pieces of
Nebraska history."
All of
Nebraska's neighboring states with an income tax also have state historic tax credits. An Iowa Department of Revenue study has
shown that every dollar in state tax credit provided leverages $3.77 in federal and
private money.
According to a study conducted by Saint Louis University, Missouri's historic tax credit resulted in 43,105 jobs created or
retained, leveraged $2.9 billion in private investment, and generated $669
million in local and state tax revenues in a little over 10 years.
Rutgers University's Center for Urban Policy Research found that the credit in Kansas has created over 4,000 jobs, generated $271 million in
investment in historic preservation, and generated nearly $15 million in state
and local tax revenues.
