Historic Tax Credits are at Risk
Federal Historic Preservation Tax Credits are threatened!
With only five minutes of your time, YOU can help save them.
6 December 2017
In Washington D.C., the tax reform movement is growing and threatens this program that has helped towns across the state of Georgia, and Macon residents in particular. As our House and Senate committees draft our tax reform legislation, let's remind them that this program is important to towns like Macon.
The United States Senate passed a tax reform bill on Saturday, December 2, 2017. Currently, the House and Senate have two different versions of the bill, which are now in the process of reconciling. Fortunately, the Senate version retains Historic Tax Credits. Unfortunately, the House version does not.
Locally, the federal historic tax credit is Macon’s most effective tool for neighborhood and downtown revitalization. Macon has 14 National Register Historic Districts with over 6,300 properties eligible for historic tax credits. Buildings range from single-family homes to historic apartment buildings and commercial buildings to industrial complexes. Since 2010, 70 rehabilitation projects have been completed in Macon-Bibb utilizing the federal historic tax credit, resulting in over $82 million in reinvestment in the local community. The growth of downtown Macon has directly benefitted from the use of the federal historic tax credit. We have seen first hand how historic tax credits have encouraged development, revitalized our community, and created a Macon culture that believes in the value of preserving our history.
How can I help?
By reaching out to our district's Republic representative to let him know that historic tax credits are meaningful to Macon. It will only take five minutes to send Rep. Austin Scott an email sharing our passion for preservation here in Macon. He is in a position of influence regarding tax reform legislation, and our pressure could make all the difference.
DRAFT OF SAMPLE EMAIL
Dear Representative Scott:
As a Georgian and a Maconite who supports economic growth and historic preservation, I urge you to do all you can to preserve the federal historic tax credit.
Since 2010, 70 rehabilitation projects have been completed utilizing the federal historic tax credit in Macon-Bibb County. Those projects have resulted in a total economic impact of over $82 million in 14 neighborhoods throughout Macon.
The federal historic tax credit has been the single most important tool for revitalizing Macon’s urban core, resulting in more residents and businesses who all contribute to Macon’s local tax base. Since 2000, 19 loft projects, including the Dannenberg, Lamar Lofts, and the Lofts at Silver, utilized the federal historic tax credit to rehab downtown’s larger buildings. As of June 2017, 95% of the 458 lofts in downtown Macon are occupied. In addition to increasing residents, those buildings also have created renovated storefronts, resulting in 13 new downtown businesses.
These numbers and success stories are not unique to Macon. Across the state of Georgia, the economic impact of the federal historic tax credit has been felt. During the past 14 years, the tax credit has brought in over $500 million of total development to Georgia and resulted in 410 restorations across our state. Studies have also shown that over $4 of private investment occurs for every $1 of every tax credit issued.
I am extremely concerned that the House eliminated the Historic Tax Credit, an important community redevelopment incentive available to revitalize our main streets, towns, and cities and preserve our heritage. Please exercise your influential leadership to bring prosperity through preservation to Georgia. Eliminating the federal historic tax credit would result in the future loss of millions of dollars in private capital investment, revenue for the Treasury, and our nation’s historic buildings.