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Since the Historic Preservation Act in 1966 , state and federally funded tax credits specifically directed towards supporting historic preservation and rehabilitation projects have become the financial backbone for many ventures. Oregon is currently one of five states that, while having an income tax, does not offer such incentives for preservation related construction.
With your help Restore Oregon hopes to turn that around when they bring the Revitalize Main Street Act to legislation in the January 2015 session. Once passed the Act would lead to a 25% state tax rebate on historic preservation and rehabilitation construction projects.
What’s in it for Oregon?
While it’s easy to see benefits for individual buildings, a study by EcoNorthwest determined that with just a $10.6M investment by the state of Oregon we would see 1,369 jobs generated per year, a $2.3M net increase in property taxes to pay for public services, and a $35.8M net increase in the state GDP by 2018.
What are the Rules?
Who Can Use It?
What are the Benefits?
While there are tangible benefits to preserving our historic landscape that include a sense of identity, community pride and aesthetics, there are also many economic benefits on a state and local level.
Arciform and Versatile Wood Products are proud sponsors of Restore Oregon and the Revitalize Main Street Act, but they need public support to get the ball rolling in the right direction. Click here to show your support and learn more about the Act so we can start saving Oregon’s historic buildings!
SEE MORE STORIES
Oregon: CCB# 119917 | Washington: ARCIFL *910KJ