Historic Home Preservation Update

I don’t always post articles from other sites, but this one is an important update concerning a proposed tax credit for rehabilitating historic homes. With so many local homes deteriorating, it is extremely important to offer some way for homes owners to save these homes from further demise. The tax credit would allow an income tax credit of 25% on the amount spent for repairs.

Minnesota Historic Preservation Tax Credit Update
(courtesy of Preservation Alliance of Minnesota)

Preservationists were given disappointing news late last week when the Senate Tax Committee passed its Ominbus Tax Bill without including the Historic Preservation Tax Credit provision (SF385). We understand that the Senate Tax Committee was concerned that adequate resources were not available to fund the credit. Early next week, the House Tax Committee will assemble its Omnibus Tax Bill. The Tax Credit MUST be included in this bill or Minnesotans will go another year without this important preservation tool. If the Tax Credit is included in the House Omnibus Tax Bill, the proposal will be discussed in a Senate/House conference committee.

PLEASE TAKE ACTION TODAY! The House Tax Committee leadership needs to hear from us NOW. Please contact your Representative and have him/her contact Chair Ann Lenczewski and Vice Chair Sandy Wollschlager to ask that the Minnesota Historic Preservation Tax Credit (HF1240) be included in the Omnibus Tax Bill.

For your convenience, here is a list of the Tax Committee members for 2007 and link to the full article. Thanks for your support!

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