[MainstreetManagers] Historic Tax Credits

[Kelli Yadon]

This email appeared to have issues on my end so I apologize if you are getting this twice...but wanted to make sure Ed's email went through. Cheers! Kelli

Hi, everyone.

The National Trust for Historic Preservation has been sending out updates on the status of Historic Tax Credits in the current tax reform climate sweeping Washington DC. To say the least, Historic Tax Credits are in serious jeopardy.

The US Senate is soon to consider legislation that would keep the Historic Tax Credit alive, but reduce it from 20% to 10%. Since the State's historic tax credit matches the Federal credit, it would be reduced as well. And if the Federal credit goes away... so does Oklahoma's.

If you have a few minutes, please contact Senate Majority Leader Mitch McConnell's office at (212) 224-2541. Tell his staff that your community wants the Historic Tax Credit retained IN FULL in any tax reform bills.

The Historic Tax Credit is an economic development tool that has transformed over 42,000 vacant and underutilized historic buildings into much-needed housing, retail, theaters, offices, restaurants, and hotels. Those projects have happened in communities large and small in every corner of the country.

For every dollar of public expenditure, investors contribute four dollars toward the rehabilitation of historic properties. These rehabbed properties contribute to a better quality of life, increase the tax base, and create thousands of jobs.

One last fact: a study by Rutgers University's Center for Urban Policy Research demonstrates the tremendous impact of the HTC. For the 36 years this incentive has been in place, the federal government has allocated $23.1 billion in tax credits. According to the Rutgers study, these credits have in turn generated $28.1 billion in federal income taxes.

Bills and amendments are being considered as you read this, so please act quickly. Thank you!

Ed


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Ed Sharrer
Executive Director
Kendall Whittier Main Street
2216 E Admiral Blvd, Tulsa OK 74110

918-633-1934
historicKWMS at gmail.com
http://historicKWMS.com





Kelli S Yadon
Oklahoma Main Street Center
900 North Stiles Avenue
Oklahoma City, OK  73104
P: 405.815.5379
C: 405.778.9375

[MSALOGO_17COPROGRAM_CMYK]

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