As tax reform looms, Lolly Rash, executive director of the Mississippi Heritage Trust, is concerned with the future of the Federal Historic Tax credit, which she says has played a key role in preserving some of Mississippi’s most historic buildings.
“In Mississippi, it has played a roll in saving places large and small. From small B&Bs to larger commercial properties like the King Edward Hotel in Jackson to the beautifully redone lofts in downtown Greenville, I could go on and on with projects,” Rash said. “If you look at how the developers were able to make those projects happen, it can be traced back to incentives like the historic tax credit.”
The two-tier tax credit offers A 20% credit is available for the rehabilitation of historical buildings.
Rash says that while Mississippi representatives have favored preservation in the past, it’s all the more important now.
“Our senators and congressmen have always been very supportive of historic preservation, but now it’s crunch time, and we need a champion out there fighting for these historic tax credits,” Rash said.
Rash urged Mississippian’s to reach out to elected officials to discuss the importance of the credit to their communities.
“Right now in Congress they are discussing tax reform, and this credit is not part of the conversation,” Rash added. “We want people to be aware of how much this credit does in helping communities across our state in preserving historic places.”
The Mississippi Heritage Trust is working alongside several other preservation organizations including the Mississippi Main Street Association, the Mississippi Department of Archives and History and more in an effort to ensure the credit continues.