The Nebraska State Historical Society recently released a new economic impact study focused on the Nebraska Historic Tax Credit.
Ryan Reed is the Tax Incentive Coordinator for the Nebraska State Historic Preservation Office.
He says the study measured job creation, the gross state product created from the tax credit and the state and local taxes that have been generated from the credit.
Data indicated the program has generated $128 million to the Nebraska economy and created more than 1700 jobs.
Reed says the Nebraska Historic Tax Credit was created in 2015. Every year the state legislature allocates $15 million for the tax credit.
"It has to be used for the rehabilitation of historic properties. It’s capped at a million dollars per project and basically how it’s broken down is you have your total expenditures and your eligible expenditures. Your total expenditures is everything you’re spending. Your eligible expenditures are those expenditures that can be used to calculate out your 20% state historic tax credit.”
Reed says eligible expenditures include things like windows, roofing and masonry work as well as the mechanics of the building including plumbing, HVAC and fire suppression.
He says your tax credit is calculated from those eligible expenditures. For more information, the website is history.nebraska.gov.