We're No. 2!
In Virginia, history and tax credits mix well
Daily Press editorial
June 2, 2007

OK, it's not the most exciting news in the world. Still, it's worth celebrating.

The National Park Service does an annual report that rates how well states use federal tax incentives to rehabilitate historic buildings. For fiscal 2006, Virginia was second in the number of proposed projects and second in the number of completed projects.

Virginia has a lot of history worth preserving, and this program encourages private investment toward that end. For the year, that added up to $172 million, according to the Park Service and Gov. Tim Kaine.

The Virginia Department of Historic Resources says that since the program began in 1976, more than 1,400 buildings "have been returned to productive service, representing a private investment of over $1 billion" in the state.

Not bad.

And it's not just about respecting and preserving history. It's about creating jobs. Improving housing. Adding to a community's tax base. Fighting blight.

No, not bad at all.

The state also has its own tax credit program. Newer - it started in 1997 - it's responsible for more than $125 million in economic activity in a decade.

Virginians know that history is good business, but they usually think of that in terms of tourism. The tax incentives - and the jobs and improved tax base that result - are also good. Good for qualified property owners. Good for business. Good for communities.

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