Incentives proposed for historic property restoration

People wanting to restore historically significant properties would receive a 25 percent state income tax credit under a bill discussed in a Revenue Committee hearing Feb. 22.

LB888, introduced by Bellevue Sen. Abbie Cornett, would apply to properties that are federally or state listed or designated by local ordinance as historically significant. Cornett said she introduced the bill to spur economic development in both rural and urban communities.

“This bill would create jobs, encourage economic development and promote historic preservation,” Cornett said.

Restoration projects would have to be completed before a developer could apply for the tax credit.

David Levy, representing Baird Holm LLP, said the bill would help all communities, statewide.

“These statutes are important for economic development and job creation,” Levy said. “It will benefit large cities and small towns alike.”

Bob Puschendorf, Nebraska State Historical Society associate director, said encouraging the restoration of historical properties would increase property values in towns struggling to raise revenue.

“The rehabilitation of historical properties adds to the property tax rolls,” he said.

No one testified in opposition to the bill and the committee took no immediate action on it.