Lincoln, NE – Three bills introduced in the Nebraska Legislature will restore all, or parts, of the Nebraska Historic Tax Credit Program (NHTC) administered by History Nebraska under the Nebraska Job Creation and Mainstreet Revitalization Act. The program allows cities and communities across Nebraska to utilize tax credits to preserve and revitalize historic buildings.
The Nebraska Historic Tax Credit Program ended in December 2022, after not being renewed during the 2022 Legislative Session. The introduced bills and their impact to NHTC are:
- LB 213, introduced by Sen. Julie Slama, restores NHTC for communities with populations below 5,000, ensuring smaller rural communities continue to benefit from the program. However, communities like Alliance, Beatrice, Blair, Chadron, McCook, Wayne, and larger would no longer be eligible to utilize NHTC.
- LB 756, introduced by Sen. Tony Vargas, increases the nonrefundable tax credit to 25 percent of total project costs for historically significant buildings in Omaha and Lincoln, and 30 percent in other counties retroactive to January 1st of 2023, with a new sunset date of December 2024.
- LB 697, introduced by Sen. Danielle Conrad, expands the NHTC program by lowering qualifying project costs to $5,000 from $25,000. It additionally reduces available funding for the program to $12 million annually from $15 million and commits $4 million annually for projects under $100,000. This bill extends the program through December 2036.
“Nebraskans across the state see the incredible value this program brings their communities,” said Vacha, “If you visit the former Blackstone Hotel in Omaha, attend shows at the Lux Center for the Arts, enjoy meals at Lazlo’s in Lincoln, or operate a business in restored Main Street buildings in communities like Beatrice, Pender, McCook and Chadron, you’ve experienced the benefits of NHTC.” He said the Foundation is working with a coalition of community members, public, private, and nonprofit partners to encourage legislators to restore NHTC so communities can continue to improve local economies by preserving and repurposing historic properties.
Jill Dolberg, Interim CEO and Director of History Nebraska shared, “Overall, NHTC has provided a $226.2 million in economic impact statewide, an 850 percent return on investment. A University of Nebraska study shows that from 2015-2020, the program supported 3,000 employees who earned over $100 million in wages, as well as increased tax revenue by $9.4 million in local property and state taxes through increased valuations.”
“With three bills focusing on reinstating NHTC, it’s hard not to be excited about the demand for restoring the program. There is no doubt this program has been great for Nebraskans. We hope we can pass a bill that continues to allow NHTC to have statewide impact for as long as possible,” said Vacha.
He encouraged citizens to contact their state senator and ask them to support the Nebraska State Historic Tax Credit Program.
“This program is a no brainer for Nebraskans,” Vacha said. “In rural communities, every building lost represents another missed opportunity for a new business to take root. In cities like Omaha and Lincoln, the restoration of historic properties can bring vitality back to neighborhoods that desperately need it.”
****The History Nebraska Foundation raises funds exclusively to support History Nebraska, formerly called the Nebraska State Historical Society. Since 2020, the History Nebraska Foundation has supported History Nebraska by providing more than $1,270,000 in funding, raised funds, and services. For more information contact Tyler Vacha at tyler@historynebraskafoundation.org or 402-853-4282.