Historic preservation tax credit legislation moves forward
A bill providing tax credits to redevelop historic properties is moving forward in the Unicameral.
Speaker Mike Flood chose LB888 as one of his priority bills. It would provide a 25 percent tax credit for developers who rehabilitate historic properties. Nonprofits that do so could get a 30 percent tax credit.
Attorney David Levy of Baird Holm is part of a committee supporting the bill. He says committee members are focusing their efforts in two areas. One is what the legislation would mean for state revenue. The other is answering questions about the bill’s long-term impact.
The Nebraska State Historical Society says $28.7 million was spent every year between 2002 and 2011 to rehabilitate historic buildings.
A fiscal analysis of the measure shows it could cost the state six million dollars in the 2013-14 budget year.
LB888 is awaiting a vote in the Unicameral’s Revenue Committee.
On the web: http://nebraskalegislature.gov