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Warner, Kaine: Eliminating historic tax credit hurts Virginia

mark warner tim kaineU.S. Senators Mark Warner and Tim Kaine expressed their concern over the House Republicans’ tax plan that would eliminate the Federal Historic Tax Credit, which communities across Virginia use to draw in new business, create jobs, and revitalize cities and towns.

The Federal Historic Tax Credit, a critical component of public-private partnerships, helps to attract development projects by providing a tax credit to developers after the restoration of a qualifying historic building. Virginia has been a top recipient of this federal funding, which has been used to redevelop more than one thousand buildings across the Commonwealth since 2002, including affordable housing, office space, restaurants, hotels, retirement homes, child care centers and shopping centers. Notable projects that have used these funds include the Wayne Theatre in Waynesboro, the Paramount Theater in Charlottesville, and the Bolling Wilson (George Wythe) Hotel in Wytheville.

“This tool has helped Virginia communities preserve historically significant buildings while creating quality jobs and stimulating long-term economic growth,” said Warner.“We should not be targeting this proven economic engine, which would leave many localities hanging while some companies and high income earners receive a tax break.”

“I’ve heard from mayors and local leaders across Virginia who agree it would be a short-sighted mistake to eliminate a successful program that’s strengthened local economies in every corner of the Commonwealth,” said Kaine. “We should be helping Virginia’s rural communities get ahead, but instead this cut in the Republican tax plan hurts their ability to succeed and redirects funds toward tax cuts for those at the very top.”

Between Fiscal Years 2002 and 2016, developers completed more than one thousand projects in Virginia using the Federal Historic Tax Credit. Elected officials have also voiced concern that eliminating this credit may impact the completion of buildings that are part of existing projects, which localities have already invested in.

The Senate version of the Republican tax plan similarly aims to limit the Federal Historic Tax Credit. Warner, a member of the Senate Finance Committee that is debating the Republican plan this week, has cosponsored a measure that would amend the legislation to protect and expand this tax tool.

         

Below is a list highlighting some of these notable projects throughout Virginia. For a more comprehensive list please click here.

City Original Name Address Year Use Current Use
Bristol Bristol Warehouse Company 221 Moore St 2016 Commercial Studio Brew
Bristol Bristol Building Supply Company Building 220 Lee Street 2012 Office Bristol School Board Offices
Buena Vista Peoples Bank Of Buena Vista 128 21St Street 2010 Library Bank
Charlottesville The Paramount Theater 215 East Main Street 2005 Other The Paramount Theater
Danville John W. Ferrell & Company Furniture Store 533-535 Main Street 2012 Multi-Use Retail
Danville North Theater 629 North Main Street 2005 Housing The Historic North Theatre Performing Arcts Center
Danville Continental Tobacco Company 610 Craghead St 2015 Housing The Continental Lofts complex
Galax Ye Ole Galax Post Office 201 N. Main 2003 Restaurant Macado’s
Harrisonburg Cassco Ice House 217 S. Liberty Street 2015 Commercial Harrisonburg Ice House
Hillsville Nuckolls Drug Store 510 North Main Street 2008 Other Pizza Perfect On Main
Lexington McCampbell Inn 11 N Main St 2015 Multi-Use The Georges Inn
Lynchburg Craddock Terry Shoe Corp. Southland 1326-1328 Commerce Street 2007 Hotel Craddock Terry Hotel
Marion Marion High School Building 203 N Church St 2015 Theater Wayne C. Henderson School for the Arts
Marion Lincoln Theatre 117 E. Main Street 2006 Hotel General Francis Marion Hotel
Norfolk Portlock Building 241 Granby Street 2003 Multi-Use Brick Anchor Brew-House
Richmond Maggie L. Walker High School 1000 N. Lombardy Street 2002 School Maggie Walker School
Richmond Lady Byrd Hat Company Building 140 Virginia Street 2009 Multi-Use Retail
Roanoke Patrick Henry Hotel 617 South Jefferson Street 2011 Multi-Use The Patrick Henry Ballroom & Conference Center
Roanoke Jefferson Center Auditorium 550 West Campbell Avenue 2001 Theater Jefferson Center
Roanoke Burrell Memorial Hospital 611 Mcdowell Avenue SW 2004 Multi-Use Blueridge Behavioral Healthcare
South Boston Taylor Tobacco Prizery 340 Ferry Street 2009 Housing Taylor Lofts Apartments
South Boston The Prizery-R.J. Reynolds Tobacco Warehouse 900 Bruce Street (Previously 716 Seymour Drive) 2005 Theater Performing arts venue called the Prizery
Staunton Stonewall Jackson Hotel And The Blackfriars Playhouse 24 S. Market Street 2006 Hotel Stonewall Jackson Hotel & Conference Center
Waynesboro Wayne Theatre 521 W Main St 2016 Theater Wayne Theatre – Ross Performing Arts Center
Winchester The Old Star Building 29-31 33-35 East Boscawen Street 2013 Multi-Use Commercial/Office space and apartments
Wytheville George Wythe Hotel 170 East Main Street 2015 Hotel Bolling Wilson Hotel

 
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