Legislation would provide tax credits for restoring historic properties

Jan 26, 2012

Developers wanting to rehabilitate state, federal, or locally-designated historic sites could get a tax credit for doing so under legislature in the Unicameral.

The Historic Property Restoration and Reuse Act is sponsored by Bellevue Senator Abbie Cornett. Developers who restore a historic property, or a facility within a historic district, could apply for a 25 percent tax credit. Nonprofits could be eligible for a 30 percent tax credit.

Attorney David Levy of Baird Holm is part of a committee supporting the Act. Levy says the legislation is important to the redevelopment of historic sites in Omaha, such as the Farm Credit Building and the north building of the Twin Towers.

But Levy says Nebraska small towns with historic districts, main street projects, and town squares could benefit as well. The bill is currently in the Unicameral’s Revenue Committee, where it’s awaiting a hearing in February.

Nebraska has more than 1,000 properties or districts on the National Register of Historic Places. 30 states, including Iowa and Missouri, already have a historic property restoration tax credit.

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