(Opposite page) The former Bank of Russellville at 220 W. Main St., now The Old Bank Sports Bar, completed renovations in 2016 using federal and state tax credits. (Below) The Old Bank Sports Bar before undergoing a complete renovation.
To-Do’s for Historic Tax Credit Application 1. Contact Arkansas Historic Preservation Program (AHPP), Tax Credit Coordinator, with the address of your building to see if it is eligible for the tax credit program. 2. Take photos of your project/ building before work starts. Specific “before” photos are required for the Part 1 and Part 2 applications, as well as floor plans and possibly architectural drawings. 2. Turn in your Part 1 and Part 2 applications well before your project starts construction. Plan on thirty days from the date you turn your project applications in to hear back about which aspects of your project are approved, or approved with conditions. 3. After receiving approvals on your Part 1 and Part 2, you may begin work on your project. 4. Save your project receipts. 5. Once your project is completely finished it’s time to do the Part 3 application and claim your Historic Tax Credits. Take “after” photos to turn in with a copy of your project receipts with the Part 3 application.
is particularly significant because it confirms the historic tax credit is a revenue generator for the U.S. Treasury (tax credits issued over this same period total $25.2 billion). The Historic Tax Credit guarantees every $2 in tax credits leverages $10 in private investment. Recent studies show the actual private expenditure is closer to $12.60 for every $2 in tax credits, and there are 25 percent more jobs created in rehabilitating a historic building than building a highway or repairing a bridge. Historic Tax Credits remain one of the best incentives for rehabbing historic properties and, as studies show, perhaps the best return on investment for community revitalization.
Since the state historic preservation tax credit was created in 2009, 406 projects, representing $168,847,432 in private investment, have received a total of $19,977,283 in credits through the state program. VOLUME 4 | 2018 BLOCK, STREET & BUILDING | 53