Another criticism of the tax bill: Loss of historic tax credits | Arkansas Blog

Wednesday, November 8, 2017

Another criticism of the tax bill: Loss of historic tax credits

Posted By on Wed, Nov 8, 2017 at 10:31 AM

ARLINGTON HOTEL: Repairs needed. and tax bill could have an impact.
  • ARLINGTON HOTEL: Repairs needed. and tax bill could have an impact.
The list is growing of special interests with specific objections to the House Republican tax bill, which provides tax cuts for the wealthy and pays for part of the last revenue by the elimination of some popular deductions and other tax programs.

Example: The historic tax credit. This program has been a boon to rehabilitation of historic buildings. Developers can get credits for up to 20 percent of work on certified historic structures. The Greater Hot Springs Chamber of Commerce has a news conference this morning to announce its support for retention of the credit. One look at Central Avenue, both past and present can tell you why.

Note, too, support for this credit from Al Rajabi, leader of investment group that has purchased the historic Arlington Hotel in Hot Springs and hopes to use the tax credit program in plans for renovation of the aging structure. He's urging people on social media to call U.S. Rep. Bruce Westerman to save the program.

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