An east Arkansas group is concerned downtown renovation could slow down if the "Federal Historic Tax Credit" is eliminated.
The program gives investors a 20% tax credit for money spent on restoring buildings on the register of historic places, but without that tax credit, the group "Main Street Batesville" says restoration of some of the larger buildings downtown won't be possible.
Because many investors simply can't afford to do it all on their own dime.
"If congress does away with the federal tax credits, projects like this just won't happen", argued Dr. Diane Tebbetts of Main Street Batesville. "In main streets all over Arkansas, the larger projects will just vanish".
For example, the Adler building in downtown Batesville was just bought and renovations are about to begin, but "Main Street Batesville" says without the tax credit the owners couldn't have taken on the project and the building likely would have been torn down.
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