Mayors Urging Congress to Keep Federal Historic Tax Credit Program

BEATRICE – Mayors of several cities across the United States are urging Congress not to eliminate a Reagan-era historic tax credit, as part of a tax reform bill. Beatrice Mayor Stan Wirth is among mayors who signed a letter to Majority Leaders in the U.S. House and Senate, urging that the Historic Tax Credit program, estimated to have leveraged $131 billion in private investment, be retained.  The letter is also going to Chairmen of the Senate Finance Committee and House Ways and Means Committee. A study by the Rutgers University Center for Urban Policy Research indicates the tax credit program has created about 2.4 million jobs and rehabilitated over 42,000 historic buildings, since it was made part of the federal tax code. Main Street Beatrice Executive Director Michael Sothan says the tax credits can help encourage investment in historic buildings in the very largest, to the very smallest cities. [audio mp3="http://media3.floodradio.com/columbus/2017/12/Retain-Credits1.mp3"][/audio] :41                  “financial sense” Sothan says there’s a lot of pressure on Congress to get a tax reform package approved, but that hasn’t left much time to evaluate effectiveness of tools like the federal historic tax credit program. The Rutgers study shows that although $23.1 billion in tax credits have been utilized, the credits have generated $28.1 billion in federal income taxes. [audio mp3="http://media3.floodradio.com/columbus/2017/12/Retain-Credits2.mp3"][/audio] :08                  “economic impact” Sothan says Main Street Beatrice has spoken with members of Nebraska’s Congressional delegation, urging them to look at the benefits of the historic credit program. [audio mp3="http://media3.floodradio.com/columbus/2017/12/Retain-Credits3.mp3"][/audio] :26                  “to a landfill” Sothan says one local project is in the works that would make use of the Federal Historic Tax Credit program, and there’s potential for others in the future.  This past year, downtown Beatrice was placed on the National Register of Historic Places. Those endorsing the letter to Congress include Beatrice Mayor Stan Wirth, Fairbury Mayor Homer Ward, Lincoln Mayor Christ Beutler, Hastings Mayor Corey Stutte, North Platte Mayor Dwight Livingston and Steele City Village Chairwoman Tammra Katz. Mayors of several of the largest cities in the U.S. have also urged the Historic Tax Credit Program be preserved, including the cities of Denver, Chicago, Boston, Atlanta, Baltimore, Dallas, Los Angeles, New York, Philadelphia, San Antonio and Oklahoma City, among others.