Tax credit program is designed to preserve historic buildings and put people to work.
Delaware Governor Jack Markell (D) signed the measure that extends the Delaware Historic Preservation Tax Credits Program for the next ten years. The tax credits had been scheduled to expire this year.
Markell says in addition to preserving structures that represent a part of the state’s cultural heritage, the tax credits also help keep workers on the job. “Each year, hundreds of carpenters, plumbers steelworkers, electricians, painters, and restoration experts will be at work restoring unique historical buildings. They’re restoring or improving the character of neighborhoods and making our state even more attractive to new employers.”
Since it’s inception in 2001, the state has provided about $35 million in tax credits that has encouraged private spending of more than $166 million. The governor’s office says that translates to about 350 to 400 jobs for every $5 million worth of tax credits.
The governor signed the measure outside Spruce Acres, a home built in Camden, Delaware around 1840. It cost $224,000 to renovate in 2007, but that price tag was offset by nearly $45,000 worth of tax credits.