{"id":4542,"date":"2018-08-09T18:35:41","date_gmt":"2018-08-09T18:35:41","guid":{"rendered":"http:\/\/www.phwi.org\/blog\/?p=4542"},"modified":"2018-08-09T18:35:41","modified_gmt":"2018-08-09T18:35:41","slug":"busting-historic-tax-credit-myths","status":"publish","type":"post","link":"https:\/\/www.phwi.org\/blog\/?p=4542","title":{"rendered":"Busting Historic Tax Credit Myths"},"content":{"rendered":"<p>From <a href=\"https:\/\/mailchi.mp\/preservationvirginia\/take-action-protect-the-historic-rehabilitation-tax-credit-program-663385?e=993b6fafc5\">Preservation Virginia<\/a>, here are four truths about common misconceptions on Virginia&#8217;s Historic Rehabilitation Tax Credits (HRTC):<\/p>\n<p>1. <strong>HRTC projects occur in almost every jurisdiction of the Commonwealth.<\/strong> It is not just a Richmond program. HRTC projects are transforming Danville, Wytheville, Lynchburg, Salem, Farmville and communities in almost every county in Virginia.<\/p>\n<p>2. Big developers are not the majority benefiting from the program. Between 1997 and 2015, <strong>45% of HRTC benefit projects had expenditures of $250,000 or less<\/strong> and 29% had between $250,000 and $1 million. Individuals, small businesses, churches and non-profits benefit. A very small percentage of projects are resold quickly and are typically foreclosed properties. <\/p>\n<p>3. Across the board, <strong>users of the HRTC program say their project would not happen without the credit<\/strong>. That means the jobs and tax revenue associated with these rehabs would not benefit our economy.<\/p>\n<p>4. Periodically sunsets and caps are discussed. HRTC projects take years from concept to completion. <strong>Discussions of sunsets and caps introduce uncertainty in the marketplace which slows investment and the resulting economic benefits<\/strong>.  A <a href=\"http:\/\/jlarc.virginia.gov\/pdfs\/reports\/Rpt425.pdf\">2012 JLARC study<\/a> found that the HRTC program was effective.<\/p>\n<p>Need some hard numbers? Share the <a href=\"https:\/\/gallery.mailchimp.com\/47f7104306d410732cbd7c480\/files\/4f6b8d8d-8fae-4dea-9959-6983e0dcca58\/HRTC_Study_Card.pdf\">VCU CURA and Baker Tilly executive summary findings<\/a> or the <a href=\"https:\/\/gallery.mailchimp.com\/47f7104306d410732cbd7c480\/files\/f5a5a8ef-8d13-4b3e-9cc7-01d0dcd9a6a1\/VA_HTC_Full_Report_.pdf\">full Baker Tilly report<\/a>.<\/p>\n<p>Keep on spreading the word about the effectiveness of the HRTC in protecting our architectural heritage!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Preservation Virginia, here are four truths about common misconceptions on Virginia&#8217;s Historic Rehabilitation Tax Credits (HRTC): 1. HRTC projects occur in almost every jurisdiction of the Commonwealth. It is not just a Richmond program. HRTC projects are transforming Danville, Wytheville, Lynchburg, Salem, Farmville and communities in almost every county in Virginia. 2. Big developers &hellip; <a href=\"https:\/\/www.phwi.org\/blog\/?p=4542\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Busting Historic Tax Credit Myths<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,71],"tags":[55,72],"class_list":["post-4542","post","type-post","status-publish","format-standard","hentry","category-preservation-virginia","category-research","tag-preservation-virginia","tag-research"],"_links":{"self":[{"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4542"}],"version-history":[{"count":3,"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4542\/revisions"}],"predecessor-version":[{"id":4545,"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4542\/revisions\/4545"}],"wp:attachment":[{"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phwi.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}