http://www.freep.com/article/20110414/OPINION05/104140406/0/7daysarchives/Why-historic-preservation-tax-credits-work-well?odyssey=nav|headConsider these facts about Michigan's Historic Preservation Tax Credit:
• It creates jobs. Rehabilitation projects financed with help from Michigan's state tax credit have created 36,000 jobs, many of them in the struggling construction industry.
• It is cost-efficient. Every dollar of tax credits leverages $11.37 in private investment -- offering taxpayers one of the best dollar-for-dollar returns on investment of any state program. Moreover, since these credits are issued only after the project is completed, tax revenue and job creation impact is obtained before any taxpayer money is spent.
• It leverages federal dollars. Michigan historic rehab projects totaling $1.46 billion in costs have attracted $251 million in federal historic tax credits to the state. federal dollars that are fueling Michigan's economy.
• It returns underutilized and vacant real estate to state and local tax rolls. The credit fills a gap not offered by any other type of financing, often making the difference between economic vitality and continued blight. The Merchant's Row project on Woodward Avenue is one example. Thanks to the credit's financing, five vacant, historic buildings were converted to 150 loft-style apartments, bringing foot traffic, $58.8 million in total economic impact and 1,471 jobs to the area.
• It's good for tourism. Unique historic and cultural sites, authentic downtowns and interesting arts venues such as Mackinac Island, Saugatuck/Douglas and Holland draw millions of visitors to the state, in addition to attracting potential residents and businesses.
Speaking of historical tax credits, does anyone know if they are back in Snyder's budget?