2017 Virginia Preservation Legislation

Posted on Jan 27, 2017

The Virginia Legislature is considering bills that may limit the effective use of Historic Tax Credits. The Virginia HTC is one of the best programs in the U.S. and a true economic engine for the Commonwealth.  Please visit Preservation Virginia to learn more and contact your representatives to express support for Virginia’s excellent historic preservation programs.

Economic Benefits

Rehabilitation tax credit projects support jobs, strengthen communities, create spaces that support businesses and provide housing, and generate state and local tax revenue. Virginia’s rehabilitation tax credit program is responsible for:

  • Overall economic impact of $3.93 billion to the Commonwealth
  • 31,000 jobs in Virginia
  • $1.53 billion of labor income for Virginia employees
  • Over 2,375 historic buildings preserved and re-used

Benefits of Using State Tax Credits

  • Rehabilitation “recycles” historic buildings for economically viable use
  • Tax credits attract critical private investment to projects and help secure bank financing
  • Tax credit projects act as catalysts for revitalization of communities
    Available to homeowner and nonprofit projects, as well as for income-producing projects
  • Important to projects of all sizes – most projects could not be accomplished without tax credits

source:  Preservation Virginia