Historic Tax Credit Back Before Legislature
Once again, ABC of Alabama will be engaged in ensuring the historic tax credit legislation is passed during the 2016 budgeting process.
"When the construction industry and our elected officials work together, great accomplishments can be achieved," said ABC Board Member Mark Mattox of Robins & Morton. "The historic tax credit is one example where everyone wins by collaborating on positive legislation, which has led to more than $380 million of private investment since being implemented in 2013. Not only has this tax credit has spurred economic growth and revitalization to our community, it has created jobs for the construction industry. Extending this tax credit will make it easier for continued growth opportunities to exist."
ABC of Alabama President Jay Reed added, “This legislation has Jefferson County's, Huntsville's, Mobile's, Tuscaloosa's and east Alabama’s name all over it. Any time a city can preserve historic elements of its community while creating jobs and spurring economic development, it’s a win for our industry. I can think of three specific general contractors from different areas of the state that were able to secure work during the prior historic tax credit period. In Montomery it is our job to make sure we stand behind and support elected officials who are interested in helping our members secure work, and this type of tax credit does just that.”
“The last passage of the historic renovation tax credit resulted in several very high profile and very successful construction projects for Alabama contractors," said ABC Board Member David Pugh, partner with Bradley Arant Boult Cummings. "This is a way that the state legislature can ensure the preservation of landmark and iconic historic properties in our communities while helping create jobs for an industry that is still recovering from the recession. Quite simply, this just means more work for our members and a significant and immediate economic impact in the communities in which the projects are located. If ever there were a 'win/win' proposition, this is it.”
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