FRANKFORT, Ky. (February 4, 2005) – Kentucky Historical Society urges anyone interested in historic preservation to join Preservation Kentucky for Preservation Day at the Capitol on February 8! As part of Governor Fletcher’s JOBS for Kentucky plan, the Historic Preservation Tax Credit can benefit every community in Kentucky.Let your legislators know how this economic benefit can help in your community!
Historic Preservation Tax Credits
ØMore than 200 of Kentucky’s 385 National Register residential districts have 20 percent or more of their households living below the poverty line. Historic preservation credits restore some of the Kentucky heritage and tradition to areas of the Commonwealth that have suffered years of neglect.
ØA transferable credit will be established for qualified residential or commercial restoration expenditures to structures located in the National Register of Historic Places.The credit will be transferable only to the bank franchise tax.
ØThe residential credit will be 30 percent of the approved costs, not to exceed $60,000 per project. The commercial credit is 20 percent with no cap. The residential credit is higher because there is no accompanying national credit, which exists for commercial projects.
ØIndividuals or businesses can apply the credits against their income tax liability. If insufficient liability exists, the credit can be carried forward for seven years or transferred to a banking institution to be used against the bank franchise tax.Transferability to banks helps individuals or businesses obtain financing for projects by pledging their future credits as collateral.
ØThe Kentucky Heritage Council will be responsible for approving projects and certifying the qualified expenditures.
ØThe proposal is very similar to the restoration credits in Missouri and Maryland, where credits have been extremely popular and effective.
ØAccording to the state historic preservation office, for every $1 million invested in rehabilitation of property, state and local governments see an increase of $184,000 in new revenue. By restoring historic structures, our neighborhoods and historical regions will once again become areas of pride and commerce.In addition, tourism in Kentucky will benefit from these improvements.
ØFiscal impact:The total amount of credits issued will be capped at $3 million per year.
Preservation Kentucky and Commonwealth Preservation Advocates have announced “Preservation Day” at the Capitol on February 8th.Please make plans to visit with or contact your legislators on that day.The Historic Preservation Tax Credit can benefit all Kentucky citizens and communities, but it must pass as part of the larger package of tax modernization.Please take the time to point out to your legislators why this component of the tax modernization plan is so important to the Commonwealth. To email your legislators, go to http://lrc.ky.gov/whoswho/whoswho.htm for contact information.
Preservation Day at the Capitol 2005 - Tuesday, February 8, 2005
9:30 a.m.Kick off the day with a legislative update and pick up materials at the Church of the Ascension 311 Washington Street, Frankfort (Parking is available at the Church of the Ascension and along Washington St.)
Begin visits with your legislators (meetings should be pre-scheduled)
Registration and material pick up will be open at the Church of the Ascension through 12 Noon
To Schedule Legislative Appointments: Call the Legislative Research Commission at (502) 564-8100 and ask for the specific legislator.Feel free to contact the Preservation Kentucky office if you need assistance (270) 358-9069/ email@example.com.Parking at the Capitol/ Parking for the Capitol Annex:There is on-site parking and all parking is free. Visitors may parkon the street in front of the Capitol (on Capitol Avenue or State Street), on the drive that circles the Capitol, in various lots around the drive, in the lot behind the Capitol and to the left of the annex, in the garage (to the left of the annex) except on the second level. Do not park in any spaces marked “reserved.”You will need a picture ID to enter both the Capitol building and the Capitol Annex.
An agency of the Kentucky Commerce Cabinet, The Kentucky Historical Society, since 1836, has provided connections to the past, perspective on the present and inspiration for the future. KHS operates the Old State Capitol, KentuckyMilitaryHistoryMuseum and its five-year-old headquarters, the KentuckyHistoryCenter. Since 1999, the thirty-million-dollar HistoryCenter has welcomed almost one million visitors. For more information about the Kentucky Historical Society and its programs, visit the Web at http://history.ky.gov or call (502) 564-1792.