Posted: 11:20 am Mon, November 21, 2011
By Chris?Newmarker
Tags: construction, Minnesota State Historic Preservation Office, Minnesota?s Historic Rehabilitation Tax Credit, Tim Pawlenty
Minnesota?s Historic Rehabilitation Tax Credit has produced at least some of the jobs promised when former Gov. Tim Pawlenty signed it into law in April 2010.
A report out Monday from the University of Minnesota Extension and the Minnesota State Historic Preservation Office found that the 14 projects preliminarily approved, as of June 30, to take advantage of the credit are expected to create 1,808 construction jobs. That?s in line with the jobs creation estimates between 1,500 and 3,000 that came out in 2010, said David Kelliher, director of public policy and community relations at the Minnesota Historical Society.
The tax credit was but a part of the overall Minnesota Jobs Stimulus Bill, which in total was expected to create 12,000 to 20,000 jobs.
The new report says developers plan to spend an estimated $342 million on the 14 projects, with $250 million going toward rehabilitation expenses that qualify for the tax credit. Total economic impact is expected to be $451 million. The credit covers up to 20 percent of qualifying rehabilitation expenses; that?s on top of a federal tax credit that can cover another 20 percent.
Thirty states ? including Wisconsin, Iowa, North Dakota, Missouri, and Kansas ? already had similar programs in place when Minnesota approved its own tax credit.
The report points out that the credit so far will support a total 2,948 jobs when indirect and induced jobs are added onto the construction jobs directly supported by the tax credit.
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