Representative Duane Quam introduces House companion bill to extend state tax credit sunset
PAM is pleased to report that on Monday, February 20, 2012, Representative Duane Quam (R-Byron) introduced H.F. 2358, a House companion to Senate bill S.F. 1881, introduced on February 15 to extend the sunset of the Minnesota Historic Rehabilitation Tax Credit (HRTC). Minnesota Senate Majority Leader Dave Senjem (R-Rochester) authored the Senate bill and Representative Bev Scalze (DFL-Little Canada) has added herself as a House co-sponsor.
The identical bills propose to extend the existing HRTC sunset from 2015 to 2021. The bills are an important first step toward ensuring that the HRTC continues its success as a catalyst for job creation and economic development through historic preservation. Both the Senate and House bills have been referred to their representative Taxes Committee and we are awaiting a public hearing on both bills.
The Minnesota Historic Rehabilitation Tax Credit Program (HRTC) was established by the State of Minnesota in 2010 through the Jobs Stimulus Bill. Read the HRTC law in 2011 Minnesota Statute, section 290.0681. The program is an incentive to catalyze job creation in the construction industry, and community economic development, through the restoration and adaptive reuse of historic properties. Minnesota was the 31st state in the nation to enact a HRTC program after 11 years of advocacy by the Preservation Alliance of Minnesota and the Minnesota Historical Society with dozens of other partners, including the Building Jobs Coalition.
The Minnesota State Historic Preservation Office (SHPO) released its first economic impact report on the HRTC in November, 2011. What did it demonstrate? The HRTC is working to stimulate preservation construction and create jobs. Revitalizing communities, stimulating job growth and increasing the tax base are the goals of the Minnesota Historic Rehabilitation Tax Credit. The report shows historic preservation catalyzed through the HRTC is a bright spot in an otherwise challenging economic landscape. The first 14 HRTC project are creating almost 3,000 direct, indirect, and induced jobs and is returning $9.20 to the State of Minnesota for every $1 spent on the program.
What you can do to support extending the HRTC sunset
S.F. 1881 has been referred to the Senate Taxes Committee chaired by Senator Julianne Ortman (R-Chanhassen) and H.F. 2358 has been referred to the House Taxes Committee chaired by Representative Greg Davids (R-Preston). A hearing on either bill has yet to be scheduled. Your State Senator and Representative need to hear from you to make them aware of S.F. 1881 / H.F. 2358 and how this extension of the sunset is vital to continuing to stimulate jobs and stimulate private investment in our irreplaceable historic places. If your State Senator or Representative sits on the Senate Taxes Committee or House Taxes Committee, please call and ask him/her to request a hearing on S.F. 1881 or H.F. 2358 and to support its passage. Direct him/her to the Economic Impact Report to see the results created from catalyzing private investment or provide him/her with one of our three fact sheets about the basics of the program, jobs created, and economic development results.
Your legislator is just a few clicks away. It’s easy to contact your legislator through the Minnesota Historical Society’s Cap Wiz web site; click here to access your legislator’s contact information.
Be sure to check out Minnesota History: Building A Legacy, Minnesota Historical Society’s 2011 report on the Legacy Funding.