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Washington Council Shows Support for Federal Historic Tax Credit

Posted: Tuesday, November 14th, 2017 at 6:24 am
Author: Sally Y. Hart - KCII News

The future of a program that works to revitalize communities and promote economic growth is uncertain.

As tax reform advances in Washington, D.C., Director of Main Street Washington Sarah Grunewaldt is urging people to show support for the Federal Historic Tax Credit, “The more people that tell them we want this, the more likely it’s likely to stay in. The Historic Tax Credit pays in $1.23 for every $1 that is brought out, so it actually brings in more money back in taxes than it actually pays out. So it does not hurt the program. It is not an expense that should be eliminated because it is not an expense, it’s an income item.”

She says the State Theatre rehabilitation benefited from the program, and other projects that could in the future include the Goncho Apartment Building, the former calendar factory, and the Captain’s Table. At a recent Washington City Council meeting Grunewaldt encouraged people to contact legislators, and explained what is happening, “Congressman Blum who was championing it in the state of Iowa and nationally is not giving up on it, he’s still pushing. Congressman Loebsack is also on board. It’s really the Republicans that we’re focusing on because they’re the ones who are eliminating it. The Democrats are on board. This is isn’t over, there are still some steps that that has to go through before it is a law. However they have the gas pedal to the floor on this, they want this done before Thanksgiving.”

The Washington City Council unanimously passed a resolution affirming support for the Federal Historic Tax Credit.