4.0 HPSR 04-14-2005 - Laserfiche WebLink

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For immediate release: - For additional information contact: Roger. Randall, Chair, Preservation Alliance of Minnesota - 763-383-8423 or 651-293-9047 Roger Brooks, Minnesota Advisor, National Trust for Historic Preservation - 651-592-5851 See the enclosed fact sheets for additional supporting information. Minnesota Historic Structure and Community Re-investment Taz Credit Introduced Re-investment proposal designed to preserve and strengthen Minnesota's Main Streets St. Paul -March 16, 2005---Legislation has been introduced in the Minnesota Legislature that would establish a state historic structure and community re-investment tax credit. The tax credit would allow a taxpayer incurring certain qualifying costs for the rehabilitation of eligible property to take a credit against his or her state income tax equal to 25 percent of the total qualifying costs of rehabilitation. The tax credit, similar to existing programs in 24 states, including Wisconsin, Iowa, North Dakota, Missouri and Kansas, would stimulate economic activity as well as preserve historic structures, Main Street businesses, and neighborhoods throughout the state. Under the provisions of the legislation, House File (H.F.) 1731/Senate File (S.F.) 1659, properties eligible for the tax credit would include structures that are on the National Register of Historic Places, designated as historic by a local government or heritage preservation commission, or in a local historic district. This plan is based on and would augment an existing 20 percent federal tax credit for work on commercial properties. The state tax credit, however, would be available for both commercial and residential projects and would be open to both homeowners and developers. H. F. 1731's chief author is Rep. Morrie Lanning (R-Moorhead) and S.F. 1659's chief author is Sen. Larry Pogemiller (D-1Vlinneapolis). House co-authors include Laura Brod (R-New Prague), David Dill (D-Crane Lake), Dan Dorman (R-Albert Lea), Mike Jaros (D-Duluth), Sheldon Johnson (D-St. Paul), Ann Lenczewski (D-Bloomington), and Kurt Zellers (R-Maple Grove). Senate co-authors include Tom Baak (D-Cook), Bill Belanger (R-Bloomington), Mee Moua (D-St. Paul), and Sandy Pappas (D-St. Paul). A coalition of local government, business and community organizations, led by the Preservation Alliance of Minnesota, is promoting the new tax credit because it would harness the proven potential of historic preservation as a key tool for economic development and community revitalization. According to Alliance Chair Roger Randall, "This proposal would stimulate re-investment in historic structures and traditional main streets. It would bolster local tax rolls, foster private adaptive reuse opportunities for