New Report Documents Economic: Impact from Federal Historic Rehabilitation Tax Credit
By Glenn Petherick
2 min read
A new report produced by the National Park Service and Rutgers University quantifies the economic impact from the federal historic rehabilitation tax credit in Fiscal Year 2012 and since the program began more than 35 years ago.
Under the program, developers receive a federal tax credit equal to 20% of the qualified rehabilitation expenditures incurred in the renovation of a certified historic building. Rehabilitation plans must be approved by the state historic preservation office and the National Park Service and the work conform to the U.S. Department of Interior Secretary’s Standards for Rehabilitation.
According to the report, since the inception of the program the federal historic tax credit has:
- Created 2.3 million jobs;
- Restored more than 38,700 historic buildings;
- Leveraged $106 billion in private investment; and,
- Generated nearly $26 billion in taxes for the federal government while costing just $20.5 billion in allocated tax credits.
The report says that in the year ended September 30, 2012 (FY 2012), the federal historic tax credit:
- Created 57,800 jobs;
- Generated $3.4 billion in GDP and $2.5 billion in income; and,
- Produced $900 million in taxes for federal, state, and local governments.
The report also says 744 completed historic rehabilitation projects were certified by the National Park Service in FY 2012, representing $3.15 billion in estimated rehabilitation costs. An additional 1,020 proposed projects were approved.
(Report: http://tinyurl.com/ol3x8sk)
