BOWLING GREEN, Ky. – Standing before an historic preservation project in Bowling Green, Gov. Steve Beshear took part in a bill signing ceremony for House Bill 3, which includes added incentives for historic preservation in Kentucky.
“This legislation will encourage citizens, businesses and local governments to continue to work to preserve Kentucky’s great history,” Gov. Beshear said. “We want to help Kentucky communities and businesses use historic structures so we can keep our downtowns vibrant while at the same time preserving the past.”
The legislation brought about changes to the Kentucky Historic Preservation Tax Credit Program, which is administered by the Kentucky Heritage Council/State Historic Preservation Office. The key change was increasing the cap on tax credits the program offers from $3 million to $5 million a year.
Because the amounts of credits that qualified each year exceeded $3 million, successful applicants have been receiving credits on a pro-rated basis.
The legislation also allows the tax credits to be redeemed through a refund from the state or by transferring them to a financial institution.
“These changes will provide more incentives to individuals, businesses and governments to invest in preservation projects,” said Tourism, Arts and Heritage Secretary Marcheta Sparrow. “This means jobs for craftsmen, construction workers, architects and others who work in historic preservation.”
During the five years the program has been in existence, it has approved 86 commercial and 106 owner occupied projects in 29 counties with a total investment of $133.9 million with $8.7 million in tax credits earned.
Joining Gov. Beshear in Bowling Green were Sec. Sparrow, Bowling Green Mayor Elaine Walker, Heritage Council Executive Director Mark Dennen and Rep. Jody Richards, D-Bowling Green.
“Investment in preservation is good for communities. It’s good for our economy,” said Rep. Jody Richards. “I’m proud to have been part of this legislation because it will help accelerate revitalization efforts in hometowns across Kentucky, which will stimulate the creation of jobs and investment.”
HB 3 was passed during the recent special legislative session. The law became effective on June 26, 2009.
Among the projects in Bowling Green that have used the state tax credit program are the renovation of an Elm Street home built in 1920 that has ties to Duncan Hines and St. Joseph Catholic Church, built in the later part of the 1800s on Church Street.
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