Omaha Senator Nordquist has introduced legislation that would create a tax credit to rehabilitate historically significant, income-producing properties.
The Nebraska Job Creation and Mainstreet Revitalization Act would make a 20 percent credit available for rehabilitation projects up to $10 million and 10 percent for projects beyond that amount.
"LB 191 is ajobs bill. It will spur private investments in revitalizing Mainstreets allacross our state and create jobs in our communities," said Nordquist. "A statehistoric tax credit is a win-win for Nebraskans - we can bring significanteconomic development to our communities, while preserving valuable pieces ofNebraska history."
All ofNebraska's neighboring states with an income tax also have state historic tax credits. An Iowa Department of Revenue study hasshown that every dollar in state tax credit provided leverages $3.77 in federal andprivate money.
According to a study conducted by Saint Louis University, Missouri's historic tax credit resulted in 43,105 jobs created orretained, leveraged $2.9 billion in private investment, and generated $669million in local and state tax revenues in a little over 10 years.
Rutgers University's Center for Urban Policy Research found that the credit in Kansas has created over 4,000 jobs, generated $271 million ininvestment in historic preservation, and generated nearly $15 million in stateand local tax revenues.