A state tax credit to repair historic buildings has been revived in a broader tax deal struck by Minnesota Democrats.
The Minnesota Historic Structure Rehabilitation Tax Credit has been in limbo since last June, when it expired after legislators failed to renew the program.
It was the first time since 2011 that the state paused the program, which provides a 20% tax credit for the rehabilitation of a structure listed on the National Register of Historic Places or one that contributes to a registered historic district.
Supporters lobbied to have the credit restored this year, arguing it helps to pay for the rehabilitation of old buildings while creating construction jobs.
House Democrats didn't initially include the tax credit in their proposal, but their agreement with the Senate gives the program $3.8 million in the next two-year budget and $22.8 million in the following two years.
"This is a victory for the entire state," said Meghan Elliott, principal of New History, a firm that consults on historic reuse projects.
"Historic building reuse and preservation revitalizes communities, creates jobs and provides a new chapter of possibility for historic buildings and downtowns in every community,"
The program has also been reauthorized for another eight years, so advocates won't have to worry about it expiring again anytime soon.
