Statement from National Trust for Historic Preservation in Response to the Fourth Circuit Court Ruling on Virginia Historic Tax Credits
Posted May 6, 2011 | Contact firstname.lastname@example.org or 202-588-6141
Washington, D.C. (May 6, 2011)--The National Trust for Historic Preservation is deeply concerned about a recent decision by the U.S. Court of Appeals for the Fourth Circuit that threatens to decrease the value of state historic tax credits, and undermines the financing of landmark historic preservation projects nationwide.
The National Trust has long been a strong supporter of state historic tax credit programs. Historic tax credit incentives in states across the country have an extensive track record of enabling historic rehabilitation projects that generate jobs, create tax revenue and revitalize communities by adapting vacant and underutilized historic buildings to new uses. Studies from several different states uniformly demonstrate the significant economic impact of these programs. Case studies abound that attest to the community and economic benefits that accrue from these rehabilitation projects.
The following statement was issued by National Trust Chief Preservation Officer David Brown in response to the Court’s ruling.
“The ruling deals a serious financial blow to current historic preservation projects that are poised to deliver important economic benefits to American communities,” said David Brown, Chief Preservation Officer at the National Trust for Historic Preservation. “Going forward, it will also drastically diminish the willingness of developers to invest in projects that transform communities, catalyze additional development and save vital pieces of our country’s fabric. For decades, state historic tax credit policy has enabled the conversion of thousands of vacant and underutilized historic properties into affordable housing, educational and arts facilities, retail and office space. We can’t afford to weaken a time-tested incentive program that creates jobs, puts vacant properties back on tax rolls and makes our communities vibrant places to live, work and play.”
The National Trust for Historic Preservation, a privately funded nonprofit organization, works to save America’s historic places.