A bill threatens to sunset historic tax credits in Virginia in 2016: “According to the a General Assembly website virginiageneralassembly.gov, HB995 would place two-year expiration dates on a number of income tax credits and sales and use tax exemptions, including the Historic Rehabilitative Tax Credit, and use the revenue from those areas to lower the tax rates of corporations in Virginia.” Read the full article at the Winchester Star.
Voice your opinions on why historic tax credits are a vital part of preserving our heritage and keeping our economy prosperous. Remember that if the Virginia historic tax credits are eliminated, homeowners will no longer be able to utilize historic tax credits on their private residences. Federal historic tax credits apply only to income-producing properties like businesses and rental properties.
Visit virginiageneralassembly.gov to find the contact information for your district’s legislators. If you are in the Winchester area, the city has prepared a guide to properties recently rehabilitated thanks to historic tax credits and other incentives. Don’t forget to mention the Taylor Hotel as our most recent tax credit success story!
Need more info to back your case up?
Full text of HB995
List for historic tax credit projects in Virginia
Map and economic impacts from historic tax credits in Virginia