Action Alert on Rehabilitation tax credit bill

[histori...@gmail.com]

Aloha kākou:

Historic Hawai'i Foundation urges you to provide testimony in support
of SB 2561 to the Committee on Economic Development and Taxation on
Tuesday, Feb. 12, 1:30 p.m., in State Capitol Room 224. The bill may
be found at:

http://www.capitol.hawaii.gov/session2008/Bills/SB2561_.pdf

As part of its legislation package, Historic Hawai'i Foundation is
advocating for a credit against state taxes for rehabilitation of
historic properties. The Rehabilitation Tax Credit is a proven
mechanism for restoring historic buildings to use and for stimulating
economic development. SB2561 would provide a credit for up to 30% of
qualified expenditures for historic buildings. The proposed program
is based on the federal tax credit for historic building
rehabilitation and is also similar to state tax credit programs in 29
other states. HHF has conducted a study into the economic benefits of
these programs, which is available at:

http://www.historichawaii.org/EconomicBenefits.html

Sample testimony is pasted below for your convenience and may be
personalized. Testimony may be submitted one of three ways, at least
24 hours prior to the hearing:
* In person: 1 copy of their testimony to the committee
clerk, Room 216, State Capitol.
* By fax: Testimony may be faxed if less than 5 pages in
length, to the Senate Sergeant-At-Arms Office at 586-6659 or
1-800-586-6659 (toll free for neighbor islands), at least 24 hours
prior to the hearing. When faxing, please indicate to which committee
the testimony is being submitted and the date and time of the hearing.
* By Email: Testimony may be emailed if less than 5 pages in
length, to test...@capitol.hawaii.gov. Please indicate to which
committee the testimony is being submitted and the date and time of
the hearing. Email sent to individual offices or any other Senate
office will not be accepted.

Thank you for your help in support of historic preservation activities
in Hawai'i.

Mahalo,
Kiersten

Kiersten Faulkner, AICP
Executive Director
Historic Hawai'i Foundation
680 Iwilei Road Suite 690
Honolulu, HI 96817
808-523-2900 (tel)
808-523-0800 (fax)
Kier...@historichawaii.org
www.historichawaii.org

VIA EMAIL: test...@capitol.hawaii.gov

To: Senator Carol Fukunaga, Chair
Senator Will Espero, Vice-Chair
Committee on Economic Development and Taxation

From:

Committee Date: Tuesday, February 12, 2008
1:30 pm
Conference Room 224

Subject: Support of SB2561 Relating to
Taxation

I am writing to support SB 2561, which provides for a tax credit for
rehabilitation of historic properties. Preservation tax credit
programs provide incentives for rehabilitating older structures and
returning them to useful life. Preserving and using our historic
buildings are ways to enhance community character, provide an
alternative to sprawl, create jobs, provide affordable housing,
encourage heritage tourism and generally spur economic development in
older neighborhoods and commercial districts.

Tax credit programs have been used at the federal level and by over
half of the states. In the states that have a rehabilitation tax
credit, all of them determined that the fiscal return was greater than
the state's forgone taxes and was successful in creating new jobs,
enhancing property values and generating sales. The tax credit also
has proven benefits related to environmental sustainability,
affordable housing, heritage tourism, and neighborhood revitalization.

As an incentive for reinvestment in our neighborhoods and communities,
the historic property tax credit program makes sense. As an economic
development program, it also makes fiscal sense for the state.

Please support SB2561.