Elisabeth Knibbe, FAIA, contributed a Guest Blog to Crain’s Detroit Business on the importance of Historic Tax Credits:
The program has succeeded as originally envisioned, generating private investment, rehabilitating blighted properties, reinvigorating communities and creating a solid return on investment at every level of government. In cities such as Detroit and Lansing, and throughout Michigan and across the U.S., the impact of the historic tax credits has been a clear success story. Despite this widespread success, the historic tax credit program continues to be one of the federal programs still subject to significant cuts or elimination as Congress finalizes its 2017 Tax Cuts and Jobs Act. It shouldn't be. The program is an unassailable example of government initiative at its best, with thousands of celebrated achievements to show for it.
According to the National Trust for Historic Preservation, the program has created more than 2.4 million jobs nationally and leveraged more than $130 billion in private investment in our communities. More than 40,000 historic buildings have been saved through these credits. The federal government's investment of $25.2 billion in tax credits has so far generated more than $29.8 billion in federal tax revenue.
To read the full guest blog, visit Crain’s website.