STRENGTHENING the COLORADO PRESERVATION TAX CREDIT Today: Celebrate Success How Does the Tax Credit Work? The program allows a 20% tax credit for $5,000 or more of approved rehabilitation expenses on qualified properties with a $50,000 maximum credit allowed. Qualified properties must be at least 50 years old, and can be residential or non-residential projects.
Results for Colorado direct spending on rehabilitation projects...
...ripples through the economy...
Small to Large Projects
...and positively benefits communities throughout colorado! The tax credit generates greater benefits for the state economy than the actual costs. For example, the tax credit has created...
Replace a Leaky Roof
Complete Building Rehabilitaton
STATE TAX CREDIT DOLLARS IN ACTION! Routt County National Bank | Steamboat Springs
1919 *source: clarion associates |
Projects of All Kinds across the State
based on the economic power of heritage and place
| 1991 - 2013
5 projects 5 - 9 projects
50 - 99 projects
10 - 49 projects
100 or more projects
The tax credit works well now, especially in urban areas and for residential projects. Strengthening the credit could bring in more benefits to rural communities and encourage more investment in large non-residential rehabilitation projects. See reverse side for more information.
STRENGTHENING the COLORADO PRESERVATION TAX CREDIT Tomorrow: Envision the Possibilities Remaining Competitive with Other States 30 states have preservation tax credits like Colorado. But most other states encourage larger projects and generate more economic activity. 17 STATES WITH UNLIMITED CREDIT PER PROPERTY DE, IL, IA, KS, LA, MA, MN, MS, MO, MT, SC, TX, UT, VT, VA, WV, WI
$5,000,000 MAX CREDIT PER PROPERTY
PROJECTS WITH UNLIMITED BENEFITS CAP
Colorado Needs a Stronger Tax Credit! Strengthening Colorado’s historic preservation tax credit would help: • Rehabilitate and revitalize main streets across Colorado • Create good-paying jobs • Attract more commercial reinvestment, supporting small businesses and property owners
PROJECTS WITH BENEFITS CAP
Projects that Could Benefit From a Stronger Tax Credit Lake County / Leadville Tabor Opera House
Built in 1879, the Tabor Opera House is one of just a few remaining buildings associated with Horace Tabor and his mining empire. Currently for sale, the Tabor holds great potential as a special events facility and center for arts and culture and would substantially contribute to developing a more robust year-round economy in Leadville.
Pueblo County / Pueblo McLaughlin Building
• Support rehabilitation projects in areas where fires, floods, and other disasters have occurred • Encourage larger rehabilitation projects that bring significant capital investment • • • • • •
A stronger tax credit would be fiscally responsible: $500,000 $400,000 $250,000
$100,000 COLORADO: $50,000 MAX PER PROPERTY (LOWEST OF ALL STATES)
• Capping the total amount of tax credits • Ensuring all construction investments are made first, before the state realizes a fiscal impact
This three-story, highly ornamental building was originally designed for use as a hotel and commercial space, and was a vital structure in Pueblo’s Union Avenue Historic Commercial District. The building has sat vacant for several years and continues to deteriorate due to lack of use and maintenance. The McLaughlin Building is one of the last major buildings requiring rehabilitation in the Union Ave Historic District.
Mesa County / Grand Junction Grand Junction Depot
Once declared the finest depot of its size in the West, the Denver and Rio Grande Western Railroad Depot in Grand Junction now sits vacant and deteriorating. Rehabilitation of the Depot is seen as key to redevelopment and revitalization of the adjacent neighborhood near downtown. Uses including a brewpub, event space, and an incubator for startups have been discussed.