On November 7, the Chamber submitted a letter to Congressman Bob Goodlatte in response to the recently released House tax reform bill. The package includes a provision that would eliminate the federal historic tax credit, which serves as a major economic development tool in our region.
Historic tax credits (HTC) have spurred economic activity in the sixth district, resulting in strong returns on investment, job creation, business development, and community revitalization. In total, approximately $100 million in HTCs were awarded for 206 projects from 2002-2016. Development costs for those projects exceeded $603 million and created 4,107 construction jobs and 9,360 permanent positions.
Historic tax credits have transformed communities within the sixth district. Downtown Roanoke, for example, is nearly unrecognizable compared to 15 years ago. In 2002, 11 people lived downtown. Today, over 2,500 residents enjoy more than 70 dining options and nearly 50 retail shops. Many of the residential and commercial spaces that now represent Roanoke’s thriving downtown community were revitalized through the use of federal HTCs.
Click here for detailed information on the significant impact of federal historic tax credits on our regional economy.