Occasionally the happenings of our State Government have a direct impact on the work we are doing here in Beatrice.
That is especially the case with two legislative items we are watching closely.
1 > Efforts to restore and improve the Nebraska Historic Tax Credit
Why is this important to Beatrice?
State Historic Tax Credits are often a valuable tool in the efforts to see older commercial properties rehabilitated. Unfortunately here in Nebraska, the state allowed its Historic Tax Credit to expire at the end of 2022.
Nationwide this is a topic of interest as states look to strengthen their historic tax credits (70% of states have one) or introduce them to their state. Want to learn more? Join us at this webinar on Tuesday!
The webinar is free and open to the public. Register today. https://savingplac.es/3stQ8C7
How does the Historic Tax Credit it impact Beatrice?
Prior to Nebraska’s program expiring, three projects got started using this tool. 1) Poling Drug Building (711 Court), Hevelone Building (114 N 6th), and the bell-tower project at Centenary United Methodist Church (608 Elk).
More properties in the future could utilize the tool if it is brought back. For example, the loss of the Nebraska program has resulted in a $1 million dollar gap for potential redevelopment of the Paddock- Kensington property slowing efforts at that site.
We are supporting an effort to bring Nebraska’s program back, LB697
This bill would reinstate the Nebraska Historic Tax Credit including the following changes from the previous tax credit program.
- Increasing the 20% credit to 25% for projects in Omaha and Lincoln and 30% in the rest of the state.
- Lowering the total financial investment to $5,000 from $25,000 in order to be eligible to apply.
- Raising the per project cap from $1 million to $2 million.
- Lowering the annual program cap from $15 million to $12 million starting in 2025.
- Reserving $4 million for projects requesting $100,000 or less in credits for a period of time each year.
- The program would sunset December 31, 2031.
Reach out to us if you have questions or want to learn more about how to get involved in advocacy efforts.
2 > An effort to fund and support the statewide work of the Nebraska Main Street Network.
Currently the Nebraska Main Street Network is working on a shoestring budget to serve the 16 Main Street communities of Nebraska. Each of these communities are working hard in their respective communities but when they need help the Nebraska Main Street Network could and should be their go to resource. However with such limited budget the tools and resources needed to do the work of downtown community development is limited and sometimes unavailable.
The purpose of LB563 would be to allow History Nebraska, the state historical society, to leverage public funding support to maximize local investments into the Main Street program. Giving current communities more resources to call upon to further their efforts plus allow the program to serve additional communities across the state.
Here is a link with more information on the Nebraska Main Street Network and here is the link to LB563.
A special thank you to Senator Myron Dorn for introducing this legislation.
Reach out to us if you have questions or want to learn more about how to get involved in advocacy efforts.
