First Impressions–the New State Historic Tax Credit

Today, I was informed that the new Commissioner of the Minnesota Department of Employment and Economic Development testified to the House and Senate Jobs Committees on the impact of the State Historic Tax Credit.  The report (sent to me second-hand) was brief, stating that the incentive has produced no economic activity, but the Department has high hopes for its use.

We may start out by thinking that the DEED Commissioner, Mark Phillips, is no friend of historic preservation.  Quite to the contrary!  Mr. Phillips testified beside us last year on behalf of the State Historic Tax Credit in his role as a regional director with Kraus Anderson Construction.  He understands why the credit will benefit construction workers in Minnesota.

There are 10 projects already in the State Historic Tax Credit pipeline.  They are generating jobs, payroll taxes, and sales taxes that are being returned to the State General Fund.  The issue is that these projects are not complete and may not show up on a Department of Revenue report until their credit certificate or grant payment is paid.

How do we do more to show that the State Historic Tax Credit is making a difference already?  Our answer is to focus our upcoming magazine on the topic.  What are your ideas?  How can you help?  Calling legislators with stories from your community is always impactful.  We want to hear how you can get involved.

Thanks,

Bonnie McDonald, Executive Director

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