Download or read book The Effectiveness and Fiscal Impact of Tax Incentives for Historic Preservation written by John E. Petersen and published by . This book was released on 1988 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Economic Impact of Historic Rehabilitation Tax Credit Programs in Virginia written by and published by Preservation Virginia. This book was released on 2014-01-21 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Virginia has been a national leader in historic preservation for many years. One of the many areas where this is reflected is in the use of historic tax credits in the Commonwealth. As of FY 2012, the most recent year for which such data are available, Virginia ranks third in the nation in total dollar volume of estimated qualified rehabilitation expenditures at project completion, behind only Massachusetts and Missouri. Preservation Virginia retained the VCU Center for Urban and Regional Development to conduct an analysis of the economic impacts of historic rehabilitation, financed in part through the Virginia Historic Rehabilitation Tax Credit Program and the Federal Historic Tax Credit Program, from 1997 to 2013. This analysis builds upon reports and updates completed by VCU for the Virginia Department of Historic Resources in 2007, 2010 and 2012. Like those earlier reports, this study documents the significant economic returns that Virginia realizes from preserving and re-using historic properties. Similarly, a study published in 2012 by Virginia’s Joint Legislative Audit and Review Commission concluded that unlike some tax preference programs that do not achieve their stated goals, Virginia’s Historic Rehabilitation Tax Credit Program effectively achieves the goal of promoting the rehabilitation of historic structures. Although this report is able to document only the easily quantifiable returns of economic activity and tax revenues, historic preservation brings many additional benefits to society. These include aesthetic and psychological benefits that help citizens understand their heritage and which improve the attractiveness of places to residents, businesses and tourists. Ultimately, these impacts strengthen the economy and augment the tax base as well. Tax credit usage in Virginia has occurred more often in urban areas, such as Richmond, Hampton Roads, Northern Virginia and Roanoke, than in rural areas. This is understandable, since urban areas have more buildings, as well as a larger percentage of the stock of historic buildings. However, tax credit-financed projects have been completed in most communities throughout the Commonwealth, reflecting both the utility and perhaps the future expansion potential of this program. (See Map ES 1, below.) From 2000 (when the Virginia Historic Tax Credit was raised to 25% of qualified rehabilitation expenditures) through 2011 (the most recent year for which all Virginia tax credit projects have been completed and certified), an average of 174 projects have been certified each year. The number of rehabilitation projects increased steadily from 1997 to 2005, when it reached its peak of 235 projects certified per year. The Great Recession of 2008-09, which had a very significant effect on the construction industry overall, caused a moderate decline in historic rehabilitation activity.

Download or read book Tax Incentives for Historic Preservation written by Gregory E. Andrews and published by . This book was released on 1981 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Tax Provisions to Encourage Rehabilitation of Historic Buildings written by United States. Heritage Conservation and Recreation Service and published by . This book was released on 1979 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Texas State Historic Preservation Tax Credit Program written by Anna Rose Hudson and published by . This book was released on 2014 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Across the country more and more states are taking advantage of the economic value of state historic tax credits that can be used in conjunction with federal rehabilitation tax credits to incentivize significant investment in the rehabilitation of buildings. Texas joined thirty-three other states when it passed a state historic tax credit in 2013. The financial incentives of this new piece of legislation are expected to spur the rehabilitation of historic buildings in large cities and small towns across the state. In order to be a successful statewide program the tax credit must be an attractive financial incentive for not only sophisticated investors, but also for small building owners with no previous tax credit or rehabilitation experience. The tax credit creates a new market of buyers and sellers, drawing the attention of local and national real estate developers and investors. The ability to combine state and federal historic tax credits changes the bottom line in real estate pro formas, leveraging historic buildings as assets. The availability of the tax credit for small preservation projects may have the greatest impact on historic preservation efforts across the states as smaller towns begin to see new investment in downtown commercial districts. This report explains how the tax credit was created, analyzes the strength of the policy, and makes recommendations for its implementation and use. This work addresses a series of important questions. Will the Texas Historic Preservation Tax Credit be an effective economic driver as compared to other state historic tax credits? What are the strengths and weaknesses of the Texas tax credit? This report analyzes the new Texas program and gages its potential to incentivize the rehabilitation of historic properties in a range of sizes and locales.

Download or read book Federal Tax Law and Historic Preservation written by United States. Advisory Council on Historic Preservation and published by . This book was released on 1983 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Effectiveness of State Tax Incentives for Historic Preservation written by James Spencer Higgins and published by . This book was released on 2001 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Historic Preservation Incentives of the 1976 Tax Reform Act written by Stephen F. Weber and published by . This book was released on 1979 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax Incentives for the Preservation of Historic Structures written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1979 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book State Tax Incentives for Historic Preservation written by Margaret Davis and published by . This book was released on 1985 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Preservation Tax Incentives for Historic Buildings written by Michael J. Auer and published by . This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Rethinking Property Tax Incentives for Business written by Daphne A. Kenyon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.

Download or read book Historic Preservation Incentives of the 1976 Tax Reform ACT written by Stephen F. Weber and published by Forgotten Books. This book was released on 2017-11-07 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Historic Preservation Incentives of the 1976 Tax Reform Act: An Economic Analysis This Technical Note analyzes the effect of the tra on the after-tax cost of two basic alternatives facing corporate owners of nonresidential historic buildings (1) rehabilitate the structure; or (2) demolish it and redevelop the site. The purpose of this report is to help corporate investors make cost-effective decisions regarding historic preservation of nonresidential buildings and to provide policy makers with information on the effectiveness of these tax incentives for historic preser vation. The analytical approach developed in this report could also be applied to incentives for other categories of building rehabilitation. The analysis is conducted from a life-cycle cost point of view so that all of the financial impacts of the tax provisions occurring over the lifetime of the structure can be taken into account. Thus, full consideration is given to the tax benefits occurring each year, as well as to the tax liabilities occurring when the property is sold. The annual tax benefits arise from deductions for depreciation or for the special 5-year rapid amortiza tion allowed by the tra. The tax liabilities arise both from capital gains and from the recapture as ordinary income of all or part of depreciation or amortization deductions. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Download or read book Preservation written by and published by . This book was released on 1987 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Preservation Tax Incentives for Historic Buildings Classic Reprint written by Michael J. Auer and published by Forgotten Books. This book was released on 2018-08-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Preservation Tax Incentives for Historic Buildings Historic buildings are tangible links with the past. They help give a community a sense of identity, stability and orientation. The Federal government encourages the preservation of historic buildings through various means. One of these is the program of Federal tax incentives to support the rehabilitation of historic and older buildings. The Federal Historic Preservation Tax Incentives program is one of the Federal government's most successful and cost effective community revitalization programs. The Preservation Tax Incentives reward private investment 1 in rehabilitating historic properties such as offices. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Download or read book Expiring Historic Structure Tax Provisions written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures and published by . This book was released on 1981 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Potential to Performance written by Jacqueline Marie Dethorne and published by . This book was released on 2014 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conversion of underutilized buildings to performing assets is critical to owners of real estate. This paper is a summary and analysis of the application of the Historic Rehabilitation Tax Credit (HTC) to historic preservation projects in the City of Chicago. Although the true cost of the HTC program is difficult to ascertain from published data, there are historic buildings producing income today that might have been torn down without the 20% credit. The HTC has been of economic value to the preservation of key historic buildings in Chicago. Analysis of the limited data reveals historic trends in usage. Impacts considered include short-term and long-term jobs, increased housing options, increased tax revenues, and other changes in the neighborhood that were unlikely without the investment. Intangibles include the enhancement of a neighborhood's historic character and retention of historic fabric. Sources include interviews with governmental and advocacy organizations, as well as companies who have worked with the Historic Rehabilitation Tax Credit. Output includes: - Analysis of the data by pre-rehabilitation/post-rehabilitation use - Analysis of the data by geographic area - Analysis of the data over time In the City of Chicago, there is also a large population of buildings eligible to use the Historic Tax Credit based on National Register of Historic Places listing or by position as a contributing building in a National Park Service-designated historic district. An estimate of the number of potential HTC projects for the City of Chicago is also included. Data and conditions for use of the HTC are discussed, revealing steps to follow and circumstances to consider in pursuit of this high return on investment. The information herein could be utilized by new owners to determine HTC opportunities; by the City of Chicago to plan and promote development of historic properties and districts; by the State of Illinois as background data in support of a state HTC; and by the Historic Tax Credit Coalition (HTCC) in the defense of the HTC at the federal level. With accessible and consistent data, the analysis of the HTC, including its benefits and costs, can be very revealing. As the future of the HTC is uncertain through tax reform, a tool to document when the HTC moves buildings from untapped potential to income production is worth action.