New Report Shows Historic Tax Credits Boost Virginia’s Economy

During an annual legislative reception hosted last week, First Lady Pam Northam highlighted the findings of two just-completed studies showing the sustained and substantial contribution that historic preservation makes to Virginia’s economy, specifically through the state and federal historic rehabilitation tax credits (HRTCs)

One study, conducted by the L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University, found that much of the $4.5 billion in private investment would have gone untapped without the incentive of the state’s tax credit being available to property owners, developers, and entrepreneurs. Preservation Virginia’s study examines the impact of the federal Historic Tax Credits (HTC) on Virginia’s economy, finding that the program resulted in $467 million in economic output, supported 9,960 jobs and generated $3.50 for every $1 invested through the first three years.

“These studies clearly demonstrate the sustained and substantial contribution that preservation makes to Virginia’s economy,” said First Lady Pamela Northam. “The Governor and I applaud the Department of Historic Resources and Preservation Virginia for caring for our rich past and preparing us for an amazing future.”

Conducted on behalf of the Virginia Department of Historic Resources, the VCU study analyzed the overall impact of the state’s HRTC program from its inception in 1997 through 2017, its twentieth anniversary. During those two decades, according to VCU’s Wilder School, the HRTC program issued $1.2 billion in tax credits and leveraged $4.5 billion in private investment.

Virginia Main Street and Department of Housing and Community Development have always known that our historic resources are great investments!

Find an executive summary from the Wilder School study here.

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