IMPROVE KENTUCKY's HISTORIC
PRESERVATION TAX CREDIT PROGRAM
BOOST KENTUCKY'S ECONOMY
Support Passage of HB 118
Make Historic Tax Credits Work for KY
Call Your Legislators today 800-372-7181
Tell them to support investments
that create local jobs and revenue!
- The purpose of the Historic Tax Credit is to bring dilapidated buildings back to active occupancy, drive economic development, and create jobs. Historic Preservation Tax Credits incentivize the investment of outside private capital in Kentucky and with eligible buildings in all 120 counties, this economic development and job creation tool must be returned to a functional program. Nearly every bordering state has a more robust Historic Tax Credit Program than Kentucky, so the time is now for the Commonwealth to implement the reforms necessary for it to compete.
Why the Current Historic Tax Credit Program Does Not Work for Kentucky
- Eligible projects typically receive tax credits amounting to only 7-9% of their Qualified Rehab Expenditures (QREs) due to demand far exceeding program capacity creating difficulties in the financing of projects.
- Project awards are often so small that developers abandon or substantially delay projects while seeking additional financing to cover the shortfall.
- Large transformative projects are not being incentivized due to pro-rated awards and the per-project cap.
- Bordering states such as Ohio, Missouri, Virginia, and West Virginia have much more effective programs:
- Ohio - $60 million program
- Virginia and West Virginia - Uncapped programs
Current Historic Tax Credit Program in Kentucky
- Projects are eligible to receive tax credits in an amount up to 20% of their QREs if they are a certified historic structure.
- Annual Program Cap: $5 million in credits.
- Project Cap: $400,000 per-project tax credit
- Projects may only be submitted once per year due to an annual deadline, creating timing issues for the private sector.
Proposed Changes to Make Kentucky More Competitive
- Reduces tax credit awards from 20% to 15% of their QREs to make the program economically feasible.
- Removes the annual program credit cap, which would also eliminate the problematic program application deadline.
- Removes the per project cap of $400,000 to incentivize larger catalytic projects.
Supporting Businesses and Organizations
Preservation Kentucky . Main Street Revitalization
. KY Chamber of Commerce
AIA Kentucky . Greater Louisville Inc.
Kentucky League of Cities
AU Associates . Marian Development Group
Oracle Design Group . Model Group
The Catalytic Development Funding Corp. of NKY
ENDANGERED - HISTORIC RIDGEWAY
Cynthiana, Harrison County KY
CONGRATULATIONS TO OUR 2014 PRESERVATION LEADER AWARD RECIPIENTS!
Dr. James W. Middleton, Jr. - The Linda Bruckheimer Excellence in Rural Preservation Award - for the restoration of the Frances Asbury Smith "McCandless House" in Munfordville, Hart County
Living Archaeology Weekend, Morgantown, Powell County - The Edith S. Bingham Excellence in Preservation Education Award - for excellence in traditional and nontraditional education
The Honorable Gregory D. Pruitt, Hickman County Judge Executive in Clinton, Hickman County - The Christy and Owsley Brown Public Service to Preservation Award - for leadership in public policy on the local and state level
Dr. Mark T. Wright, AIA, NCARB, Oracle Design Group, Inc. - The David L. Morgan State Historic Preservation Tax Credit Award, Commercial - for the renovation of the Beecher House Apartments in Somerset, Pulaski County
Natalie Wilkerson, Layne Wilkerson, Jim Glasgow and Ellen Glasgow - The David L. Morgan State Historic Preservation Tax Credit Award, Commercial - for the renovation of Noonan's Grocery in Frankfort, Franklin County
Mike and Pam Staun - The David L. Morgan State Historic Preservation Tax Credit Award - for the renovation of their home in Newport, Campbell County
Megan Funk, Elizabethtown, Hardin County - The Barbara Hulette Young Preservationist Award, Leadership Under 40 - for emerging leadership in the field of historic preservation
Don Pelly, Shaker Village of Pleasant Hill - The Ann Early Sutherland Green Preservation Award - for the environmental preservation of and educational programs for the Nature Preserve in Harrodsburg, Mercer County
Sarah House Tate, AIA, Lexington, Fayette County - The Helen Dedman Preservation Advocate Award - for professional and personal commitment of time and resources to further historic preservation across the state
Blue Grass Trust for Historic Preservation, Lexington, Fayette County - The Helen Dedman Preservation Advocate Award - for outstanding advocacy efforts to preserve Kentucky's historic treasures and restore the Commonwealth's more significant historic sites
Stuart F. Joynt, IV, Lost Art Stone Masonry, Winchester, Clark County - The Patrick Kennedy Preservation Craftsperson Award - for excellent traditional building craft techniques and skills on the restoration of historic dry stone fences
Nancy Turner, Executive Director, Winchester-Clark County Tourism Commission - Special Recognition for Leadership Excellence in Planning from Preservation Kentucky Staff and Board of Directors - for Preservation Pedal 2014 in Winchester, Clark County
Thank you Margie Jacobs, Chair,Special Events and Awards Committee, and committee members Grady Walter and Garlan VanHook for organizing a lovely garden party and special afternoon for our award recipients and guests!
Thank you award presenters Jess Correll, Edie Bingham, Ann Early Sutherland, Barbara Hulette, Johan Graham, Beth Johnson and Richard Taylor, Noel Turner and Richard Jett!
Thank you Ward Hall Preservation Foundation Chairman David Stuart and board members Connie Minch, Ken Wright, Stephanie Covington, Sue Toncray, Betty Hoopes, Tommy Druen, James Klotter, Anthony Eardley, Ron Bryant, Ann Bolton Bevins and Mary Bradley for hosting us at beautiful, historic Ward Hall!
Preservation Leader Awards
Saturday, September 20, 2014
1 - 4 o'clock
1782 Frankfort Road-U.S. 460 West
Georgetown, Scott County, Ky