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Just one neighborhood dramatically impacted by State Historic Tax Credits. This is on 7th Street in the River Bend Neighborhood of Des Moines, and six years ago, 60% of the houses here were abandoned. From left to right, there is an owner occupied current SHTC ongoing renovation, an eligible structure, a new restoration project that Hat Trick Renovation started in 2017 made possible by SHTC, and a completed project by Barnum Construction that would not have been possible without SHTC. These SHTC projects create jobs, increase home values, and turn abandoned buildings into tax generating, gorgeous homes.

 

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.

IA HTC_2page_v7

IA HTC_Full Report_direct pages

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