Reinstate the Nebraska Historic Tax Credit (NHTC)

Florentine Apartments Omaha - Historic Tax Credit Project (Photo Credit APMA)

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.

Reinstate the Nebraska Historic Tax Credit

Presenter: David Levy

Webinar brought to you by REO & PAL

11am, Wednesday March 1st, 2023

Registration is now closed.

PAL & REO present this webinar with guest speaker David Levy.

Why should it be reinstated? This legislation has a proven track record for revitalizing Nebraska communities and strengthening their economy. Furthermore, Nebraska is not alone; 37 other states including Kansas, Missouri, Iowa and Colorado have similar historic tax credit programs. According to a University of Nebraska report on the program, between 2015 and 2020, the Nebraska Historic Tax Credit Program resulted in:

  • The direct employment of 1,897 full-time workers, as well as an additional 1,117 full-time workers indirectly.

  • $101.6 million in wages paid to employees.

  • An increase of $9.4 million in local and state property taxes collected due to the projects.

  • Nearly 100 historic buildings restored.

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.

How can I learn more?

What can I do?: Join a webinar with David Levy, the original author of the Nebraska Job Creation and Main Street Redevelopment Act, on March 1 at 11:00 am and learn how you can advocate for the NHTC. This informative webinar is brought to you by REO & PAL.

Contact your Senators about LB697! https://nebraskalegislature.gov/committees/public-input.php

Firestone Building Omaha (Photo Credit Architectural Offices)

Moon Block Red Cloud (photo credit BVH)

Weber Brothers Building Chadron (photo credit Shelley McCafferty)

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