|L&N Depot - Stanford, Ky.|
The bill proposes to simplify the application and approval process of the state rehab tax credit, remove current caps for commercial and residential projects, and remove the $5 million program cap. The legislation will also simplify administrative procedures for the user and State Historic Preservation Office/Kentucky Heritage Council, which administers the program. (You can review the proposed bill here and a one-page fact sheet explaining this update in more detail here.)
How can you get involved? Contact your legislator to let them know how important preservation is to Kentucky and to you.
It's easy. Just follow these three steps:
First, contact your Kentucky State Representative AND Kentucky State Senator to express your support for HB 258.
If you are not sure who your legislators are or you do not have contact information at hand, you can access this information here.
Use these talking points:
- HB 258 proposes to eliminate project and program caps by substituting a flat 15% tax credit per project for proposed rehabilitation as certified by KHC. Because this figure will be fixed prior to construction, developers told us it will greatly enhance their utilization of the program and draw more investment to Kentucky.
- This change better aligns Kentucky's program with the Federal Historic Rehabilitation Tax Credit, which is a flat 20% per project, with no project or program caps.
- By eliminating the current cumbersome allocation process imposed by project and program caps, HB 258 will generate more investment in Kentucky communities. This is important because, in 2013 alone, the state tax credit generated nearly $79 million of investment in 113 projects in 31 counties.
Third, that's it - you're done! Pat yourself on the back. You participated in democracy and you've done something to make Kentucky an even more awesome place to live!