The Iowa Senate Ways and Means Committee is meeting today, February 22, on a tax bill that will reduce and then eliminate the Iowa State Historic Tax Credit (SHTC). This would be a huge loss for neighborhoods and main streets in Iowa. Many of our projects at Hat Trick Renovation are only viable because of SHTC. They are a vital part of our work in saving historic buildings in Des Moines, but these tax credits are also good for the financial health of our state.
- Job creation: 6000 construction jobs and 4600 permanent full time positions created by SHTC investments
- 284% increase in assessed value of impacted buildings
- Anticipated to yield a 5.04:1 return on investment by year 3, ramping upward to 19.7:1 in year 10, and to 32.1:1 by year 15, based on direct economic outputs alone.
In other words, SHTC are a budget positive impact on the Iowa Budget. This is a program we should be expanding in our tight state economy, not cutting and eliminating. Please contact your State Senator and the Senators on the Ways and Means Committee (linked). They need to hear from you immediately to save this vital program.
Below you will find files that will help you learn more about the SHTC program.