Bill Proposing State Historic Tax Credit Under Consideration

A bill that proposes adding a state historic tax credit in exchange for renovating qualified historic buildings is being considered in the Tennessee legislature, Johnson City Press reports. Tennessee is one of 15 states that do not offer a state historic tax credit. The bill proposes tiered economic incentives based on the location of the historical structure. Developers completing qualified rehabilitation work in Davidson and Williamson counties would be eligible to receive up to 10 percent in tax credits. Knox, Hamilton and Shelby counties can receive up to 20 percent, while counties in northeast Tennessee are eligible to receive up to 30 percent. For buildings to qualify for the credit, it must be listed on the National Register of Historic Places or located in a registered historic district and certified by the secretary of the Department of the Interior. Projects would be overseen by the Tennessee Historic Commission and have to meet the Department of Interior’s Standards for Rehabilitation.

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