Sen. Roy Blunt is a conservative who recognizes the value in federal tax credits when it comes to saving old structures and giving them a new life.
Visiting in Washington last week, Sen. Blunt visited two buildings in Washington where federal tax credits are and have been used to spark redevelopment projects. One is on Second Street where a 134-year-old building has been renovated and restored for artist Bryan Haynes’ studio and showroom. The other project visited by Sen. Blunt is on Front Street where Rick and Karen Marquart are restoring a building that once housed a corn cob pipe factory and a hat company. The building is being renovated for a restaurant and apartments.
Sen. Blunt said Missouri uses federal tax credits more than any other state. He said more tax credits will be available in the new tax and jobs legislation that was just passed by Congress.
Without tax credits, it’s doubtful if many of the historic buildings that have been given a new life would have been saved from the demolition ball. With tax credits, these historic buildings would not have been turned into residences and locations for businesses. Most of these old structures are in historic districts that draw visitors and breathe new life into the core centers of cities. Call it CPR for old buildings!
The restored structures provide added tax revenues for cities and one of the great results is they bring people back to live in the old sections of cities. Also, using tax credits for renovation projects spurs new building developments. Evidence of that can be seen here.
All in all, the federal tax credits have been put to good use. We are fortunate to have a U.S. senator such as Roy Blunt who recognizes the value of federal tax credits for historical purposes.