MONTGOMERY-The Alabama Historical Commission (AHC), in partnership with Senator Arthur Orr, will present a free education workshop on Historic Preservation Tax Incentives on Wednesday, October 23 from 9:30 am – 12:00 pm at the Alabama Center for the Arts in Decatur.
This event is for community planners, developers, historic property owners, real estate agents, economic development specialists, historians, and municipal leaders who want to learn more about utilizing vacant and or historic buildings in their communities. This workshop will demonstrate the intrinsic value of historic tax credits as economic development tools—providing incentives to invest in older structures, stabilizing neighborhoods, and creating local jobs for skilled workers.
Senator Arthur Orr
“The use of Historic Tax Credit programs is vital for both historic preservation and economic development,” said Senator Arthur Orr. “These programs can enable and incentivize private sector investments to restore historic properties. We know these investments have long-term value by way of enhancing property values, creating jobs, and revitalizing communities – all spurring economic growth. We hope everyone takes advantage of this free educational workshop.”
“Attendees will learn how to apply for state and federal historic tax credits, how tax credits can be utilized with other incentive programs to make projects happen, as well as hear some success stories from current applicants,” said AHC staff member Taylor Stewart who serves as the Alabama Historic Rehabilitation Tax Credit Program Coordinator.
Taylor Stewart
Stewart will be a featured speaker at the workshop along with Chloe Mercer, Federal Tax Credits and Alabama Ad Valorem, also with AHC. Other presenters include Suzanne Darden, Capital Access Program Director with the Alabama Small Business Development Center, and Shirley E. Hammond and Michael Mouron, developers who have utilized historic tax credits.
The Alabama Historic Rehabilitation Tax Credit is a 25% refundable tax credit available for private homeowners and owners of commercial properties who substantially rehabilitate historic properties that are listed in or eligible for the National Register of Historic Places and are 60 years old or older. The tax credit provides jobs, increases the tax base, and revitalizes existing buildings and infrastructure, while preserving and rehabilitating Alabama’s historic properties.
The Federal Historic Preservation Tax Incentives Program is the single-largest Federal program that specifically supports historic preservation and is one of the nation’s most effective programs to promote historic preservation and community revitalization.
The Federal Historic Preservation Tax Incentives program includes a 20% income tax credit for the rehabilitation of historic, income-producing buildings. Applicants requesting historic preservation certifications by the National Park Service as well as others interested in the use of these tax credits are strongly advised to consult an accountant, tax attorney, or other professional tax adviser, legal counsel, or the Internal Revenue Service regarding the changes to the Internal Revenue Code related to Pub. L. 115-97.
The Alabama Historical Commission is the point of contact for anyone in Alabama wishing to apply for these incentives.
To learn more about the Alabama Historical Commission, please visit www.ahc.alabama.gov.
Media Release/Andi Martin/Marketing and Public Relations Manager/Alabama Historical Commission
