Reinstate The Nebraska Historic Tax Credit (NHTC)
What is the NHTC?
The Nebraska Historic Tax Credit was created in 2015 under the Nebraska Job Creation and Main Street Redevelopment Act to incentivize the rehabilitation and reuse of Nebraska’s historic buildings. The NHTC provided for a state income tax credit on up to 20% of the qualified expenditures of the rehabilitation a certified historic building. It has been frequently used in combination with the Federal Historic Tax Credit but allows for greater flexibility to transfer the credit. Unfortunately, during the 2022 Nebraska Legislative Session, the State Legislature failed to renew this valuable program.
Over the last 7 years, the NHTC has been vital for the rehabilitation of over 50 income-producing historic buildings across the state with 40 more in progress. Without the NHTC to offset the financial risk of restoring a historic building, most of these remarkable buildings would still be sitting derelict or would have been demolished.
Moon Block – The National Willa Cather Center in Red Cloud, Nebraska
The Colonial Apartments in the Historic Gold Coast District, Omaha, Nebraska
Why Should the NHTC be Reinstated?
Not only does this program make sound economic sense, but it preserves Nebraska’s rich heritage for future generations enjoy. The NHTC makes restoring and reusing these unique historic buildings a feasible alternative to neglect and demolition. This legislation has a proven track record for revitalizing Nebraska communities and strengthening their economy.