East Tennessee Preservation Alliance
Welcome to the East Tennessee Preservation Alliance (ETPA) website. ETPA is the 16-county regional partner of Knox Heritage and works to preserve the structures and places with historic or cultural significance in Middle East Tennessee (Anderson, Blount, Campbell, Claiborne, Cocke, Grainger, Jefferson, Hamblen, Knox, Loudon, Monroe, Morgan, Roane, Scott, Sevier and Union Counties). Learn more about ETPA, our regional endangered heritage or read about some of our activities in the monthly Notes From the Field. Explore the links to the left to fully discover ETPA.
♦ The PLACES Preservation Toolbox is now online. Open the Toolbox HERE.
URGENT ADVOCACY ISSUE
Federal and State Tax Credit Information Center
Stay Up To Date: http://historiccredit.com/advocacy/
Federal: The federal historic tax credit is in grave danger of elimination. In the tax reform bills pending now before Congress, the House version eliminates the program in its entirety. The Senate version reduces the program from a 20% credit to a 10% credit indefinitely. The Historic Tax Credit Coalition is working on behalf of all stakeholders of the HTC program to preserve the program and restore the credit to a 20% credit. Please reach out to the offices of US Senator Corker and US Senator Alexander to express your support for the federal HTC and what it means to our communities. It’s our understanding that the Senate is the body that can ultimately save this critical program.
State: Because the federal program faces a significant risk of either elimination or reduction to a 10% credit, a state credit is more important than ever to fill that gap in the extra capital needed to rehabilitate historic structures.
- Tennessee is only 1 of 14 states that currently does not have a state HTC program.
- Every state surrounding Tennessee has a state HTC program, so capital is going to the states around us – not our state – to improve main street communities in both rural and urban areas – small and large cities.
- Legislation filed last year to enact a state historic tax credit program gained significant momentum – more momentum than any previous effort to enact a state historic tax credit.
- A Coalition is pushing the legislation called the Tennessee Coalition for Redevelopment, which is comprised of developers, preservationists, finance firms, anyone who is interested in utilizing a state historic tax credit. If you are interested in joining the effort, please let me know. The Coalition is still trying to grow and building momentum and support for this legislation in every area of the state.
- House bill 1061 is sponsored by Representative Gerald McCormick from Chattanooga with cosponsors Hawk, McDaniel, Johnson, Williams, Fitzhugh, Camper, T. Hill, Jernigan, Sparks, Kumar, Towns and K. Brooks. HB 1061 was approved by 4 subcommittees/committees and sits in the Ways & Means Committee.
- Senate bill 1040 is sponsored by Senator Watson from Chattanooga with cosponsors Ketron, Gardenhire, Tate, Dickerson, Crowe, Massey and Harris. SB 1040 was approved by the Senate Commerce Committee and now sits in the Senate Finance Committee.
- The Coalition and its lobbyists are working diligently right now to convince Governor Haslam to include the program in his budget.
Summary of the state legislation:
- 20% tax credit against qualified rehabilitation expenditures, like the federal program
Like federal program, non-transferable credits that are earned once the project is placed in service
- The process would complement the federal process for a streamlined program
- The TN Historical Commission will administer the program
- The credit will offset the insurance premium tax and will be taken in equal installments over 3 years. Discussions to add the franchise and excise tax to offset the credits, but not in the legislation yet.
- Can be utilized in every area of the state!
We need support from around the state!
We need you to reach out to our local legislators to voice your support for this program!
It’s time that we compete with our neighboring states. With the federal program at risk, this legislation is more important than ever!
P.O. Box 1242
Knoxville, TN 37901
865.523.8008 Ext. 104
Visit our office located in Historic Westwood