Tax credit program would be boon to renovations

In the Jan. 29, article “Building permit filed to begin historic Marine Hospital renovation” The Commercial Appeal highlighted plans to rehabilitate and convert the historic buildings into apartments using the federal historic tax credit. The project is a great opportunity to preserve local history and breathe new life into underutilized structures.

A statewide historic tax credit (HTC) program, which is garnering support from Memphis to East Tennessee, would make more projects like that proposed at the marine hospital possible.

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Email letters to letters@commercial appeal.com; mail Letters to the Editor, The Commercial Appeal, 495 Union, Memphis, TN 38103; or click on the “Submit Letter” link on the Opinion page atcommercialappeal.com. More than two thirds of states have adopted a statewide HTC and experienced the economic benefits and preservation of local history as a result. Tennessee would be the 36th state with the initiative if the governor and state lawmakers include the program in the state’s budget.

Historic buildings in Shelby County, like Clayborn Temple for example, a national treasure, would be eligible for a 20-percent historic tax credit under the state program. Certified renovations of historic buildings in rural Tennessee would be eligible for a 30 percent credit with an additional 5 percent credit for historic rehabilitation projects in state-approved main street and Tennessee downtown communities. By enacting a state HTC, Gov. Bill Lee and the Tennessee legislature have the opportunity to repurpose many of the state’s historic buildings while creating new jobs and tax revenue.

Renee Kuhlman, director of policy outreach, National Trust for Historic Preservation, Blacksburg, Va. “Love is patient, love is kind. It does not envy, it does not boast, it is not proud. It does not dishonor others, it is not self-seeking, it is not easily angered, it keeps no record of wrongs." Corinthians 13:4-5