Historic tax credits need your support!
House Bill 659 raises the historic tax credits cap to $10 Million per project. This increase will greatly assist the rehabilitation of large existing historic structures (schools, commercial properties, etc.).
HB 659 will provide more incentives to save historic buildings as well as promote sustainable ‘green’ construction.
The bill will also double the per project cap for owner occupied residences to $120k and allow the credits to be transferred against a bank’s corporate income tax. This is especially important with the volatility in today’s construction prices and financing options. Your Support is needed NOW to Help Revitalize Kentucky with House Bill 659 !
HB 659 has been filed by Rep. Steven Rudy (of Frankfort) and co-sponsored by Speaker of the House, Rep. David Osborne (of Oldham County). It passed from the Committee on Committees to Economic Development & Workforce Investment on March 7, 2022. The first reading on March 10 was reported favorably, and on March 11, it was posted for passage in the regular orders of the day for Monday, March 14. On March 15, HB 659 was passed on the House floor 85-2 and heads to the Senate.
Click to read HB659: https://apps.legislature.ky.gov/record/22rs/HB659.html
How You Can Help NOW:
- Call and/or email your Senator (502-564-8100) – Put “Support HB 659” in your email subject line.
- Find your senator – search by county
- Ask your senator to:
- (A) Support HB 659 to make Kentucky’s historic tax credit more accessible to communities, more functional, and more competitive with other states.
- (B) Join HB 659 as a co-sponsor to strengthen its support.
- Find your senator – search by county
- Call and/or email HB 659 Sponsors (502-564-8100) – Put “Thank you for sponsoring HB 659” in your email subject line.
- Rep. Steven Rudy, Majority Floor Leader: Steven.Rudy@lrc.ky.gov
- Rep. David Osborne, Speaker of the House: David.Osborne@lrc.ky.gov
- Thank them for sponsoring this critical economic development tool!
- Tell them you support HB 659, and you’re asking your representatives to support it
- Share with others and encourage actionable support:
- Post on social media – share this page!
- Send to architects, contractors, engineers, developers, bankers, accountants, lawyers, trade professionals, and consultants.
More Info on why HB659 is so Important to Kentucky:
Kentucky’s Historic Rehabilitation Tax Credit program has successfully incentivized private investment for decades. However, Kentucky is still at a competitive disadvantage to surrounding states due to issues with the current law. Competing states are realizing significantly higher commercial and residential investment, and a stronger tax base, due to the higher caps in their tax credit programs. To revitalize our historic assets, Kentucky needs to adjust these details in the current program. Kentucky investors are working on projects in neighboring states, rather than in Kentucky, specifically because of this disadvantage and we need to bring these projects and jobs back to Kentucky.
Vital Sites used the historic rehabilitation tax credit program for our East Broadway Row project.
The Federal and State Historic Preservation Tax Credit Programs are administered by the Kentucky Heritage Council, an agency of the Tourism, Arts, and Heritage Cabinet.
Learn more about how tax credits help communities and how the application process works HERE.