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Main Street Historic Tourism and Revitalization Act




Main Street Historic Tourism and Revitalization Act

Main Street Historic Tourism and Revitalization Act

From the Civil War to Civil Rights, the history of Middle Tennessee has shaped our region both culturally and physically. The historic buildings that anchor downtown squares, the older homes that echo songs written under their roofs, and the rustic cabins that sheltered early settlers all help define the character of our communities and contribute to our economy.

The Tennessee General Assembly is considering legislation that incentivizes the preservation of these valuable community assets. The Main Street Historic Tourism and Revitalization Act would create a State Historic Tax Credit program and provide communities across our region an essential economic development tool to create vibrant places, support growth, and sustainability. Tennessee is one of only 15 states in the U.S. that has not yet established a Historic Tax Credit program. Creating this program is critical given the rapid growth of our region.

The proposed state tax credit could be used to rehabilitate any income-producing certified historic structure, allowing owners to claim between 10-30 percent of eligible improvement expenses against their state tax liability. The incentive is structured to spur economic development in more rural counties, allowing property owners to claim the maximum deduction.

Some might question the economics of tax credit programs, pointing to the reduction in the amount of state tax collected from property owners. However, the return on investments triggered by Historic Tax Credits greatly outweighs any costs and brings underutilized properties to tax rolls. Just to our north, Kentucky has driven $484 million of private fund investments across the state by leveraging just $36.1 million in credits since 2005.

Private investment has rehabilitated historic properties in Ashland City, Dickson, Gallatin, Lebanon, Murfreesboro, Springfield, and many communities across our region. These projects have added to the rebirth and vitality of our downtown economies. This bill will provide an important incentive to encourage even more investment in our downtowns, helping them to further establish themselves as great places for residents to live and work for many more years to come.

I see this program as an opportunity to unlock the potential in so many historic places through both rehabilitation and adaptive reuse across the region. Please join the many others across the mid-state in supporting the Main Street Historic Tourism and Revitalization Act by contacting your state legislators and asking them to co-sponsor the legislation for the creation of this tax credit.  

Michael Skipper is the executive director of the Greater Nashville Regional Council, or GNRC, which coordinates area plans for growth and development among its members communities across 13 counties in Middle Tennessee.  The Regional Council provides a powerful forum for mayors and county executives to collaborate and act on issues related to economic growth, community development and infrastructure, and quality of life for its residents of all ages.

 

 

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