Owners of historic Louisville properties may have financial incentives to rehabilitate and restore those buildings to their former glory.
Mississippi Department of Archives and History’s Todd Sanders will be on hand March 28 for a special meeting to discuss the financial incentives for rehabilitation.
Sanders will discuss the substantial financial incentives for taxpayers who rehabilitate Mississippi’s historic buildings. Historic rehabilitation tax benefits have been provided by the federal tax code since 1976, and in 2006 the state of Mississippi created a state tax credit, and Sanders will be on hand to answer any questions residents may have to be able to take advantage of the special incentives.
“I’m going to be speaking about the Federal and State Historic Preservation Tax credit programs,” Sanders said. “These programs have helped revive historic downtowns and neighborhoods all across the state by encouraging the preservation of what is historic and significant while rehabilitating these historic buildings for new uses.”
According to the Mississippi state historic preservation tax incentives program, a state income tax credit equal to 25 percent of the qualified expenses of rehabilitating historic structures can be had for structures used for residential or business purposes. Rehabilitations of owner-occupied residences are also eligible. And only expenditures incurred after January 1, 2006, qualify.
Program documentation states that properties qualifying for the 20 percent federal preservation tax credit will also qualify for the state tax credit. In effect, the combined federal and state credits can reduce the cost of a certified rehabilitation of an income-producing historic structure by 45 percent. The Mississippi Department of Archives and History is responsible for the administration of the program.
Marveen Moody, chair of the Louisville Historical Board, said the board believes that preservation enhances the community’s image to visitors.
“Our designation as a historic neighborhood will make us leaders by example in our maintenance and adherence to the preservation guidelines,” Moody said.
The Louisville Historical Board was established because Louisville is known for its “extensive and concentrated collection of prominent architectural types and styles such as South mansion estates, vernacular houses, as well as urban groupings of historic public, commercial and residential buildings.
Louisville’s unique qualities have proven increasingly attractive to residents, business interests and tourists.
The Louisville Historical Board aims to preserve, enhance, and perpetuate those aspects of the city have historical, cultural, architectural and archaeological merit.
According to the historic preservation ordinance for the City of Louisville, the Historical Board has the following goals:
Protect, enhance and perpetuate resources which represent distinctive and significant elements of the city’s historical, cultural, social, economic, political, archaeological and architectural identity;
Insure the harmonious, orderly and efficient growth and development of the city;
Strengthen civic pride and cultural stability through the continued us, preservation and revitalization of its resources;
Protect and enhance the City’s attractions to tourists and visitors and the support and stimulus to business and industry thereby provided;
Promote the use of resources for the education, pleasure and welfare of the people of the city of Louisville;
Provide a review process for the preservation and appropriate development of the city’s resources.
See this story in The Winston County Journal at http://winstoncountyjournal.com/?p=7640.