Senators Kaine & Warner: GOP Tax Plan Would Hurt Virginia CommunitiesPosted: Updated:
U.S. Senators Tim Kaine and Mark Warner are concerned the Republican Party’s tax plan could hurt Virginia communities by eliminating a funding source for historic redevelopment.
“We should be helping Virginia’s rural communities get ahead, but instead this cut in the Republican tax plan hurts their ability to succeed and redirects funds toward tax cuts for those at the very top,” Kaine said.
“This tool has helped Virginia communities preserve historically significant buildings while creating quality jobs and stimulating long-term economic growth,” said Warner.
Developers have taken advantage of the Federal Historic Tax Credit since 2002. That includes Charlottesville's Paramount Theater, the Wayne Theater in Waynesboro and Staunton's Stonewall Jackson Hotel.
Kaine and Warner say the credit is a tool to help create jobs and stimulate growth and want to see it protected in the final tax plan.
Click here for a comprehensive list of Federal Historic Tax Credit projects in Virginia.