In 2013, the state of Alabama along with 33 other states, adopted a Historic Tax Credit program to help revitalize historic properties across the state. This tax credit program, when coupled with the federal Historic Tax Credits, can boost economic vitality in much needed areas as well as encourage development of nearby buildings. Thus far the program has awarded some $60 million in historic tax credits to support 39 qualified projects with a capital investment of close to $400 million. Further, for every $1 tax credit allocated approximately $3.90 is returned to state and local collections over a 20 year period.
The credits are set to expire in May and Lawmakers are debating whether to extend this program for another 7 years, a move which I fully support! Please reach out to your local congressman and urge them to support the extension of the state Historic Tax Credit.
To get all the facts and learn more about the properties that have benefited from the State Historic Tax Credit program, read John Sharp’s article on al.com.