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.