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Senators Kaine & Warner: GOP Tax Plan Would Hurt Virginia Communities

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U.S. Senator Tim Kaine (AP Photo/Chuck Burton) U.S. Senator Tim Kaine (AP Photo/Chuck Burton)
U.S. Senator Mark Warner (AP Photo/Cliff Owen) U.S. Senator Mark Warner (AP Photo/Cliff Owen)
Paramount Theater in downtown Charlottesville (FILE IMAGE) Paramount Theater in downtown Charlottesville (FILE IMAGE)
Wayne Theater (FILE IMAGE) Wayne Theater (FILE IMAGE)
CHARLOTTESVILLE, Va. (WVIR) -

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.

11/14/2017 Release from the Office of Senator Tim Kaine:

WASHINGTON, D.C. – Today, U.S. Senators Mark Warner and Tim Kaine expressed their concern over the House Republicans’ tax plan that would eliminate the Federal Historic Tax Credit, which communities across Virginia use to draw in new business, create jobs, and revitalize cities and towns.

The Federal Historic Tax Credit, a critical component of public-private partnerships, helps to attract development projects by providing a tax credit to developers after the restoration of a qualifying historic building. Virginia has been a top recipient of this federal funding, which has been used to redevelop more than one thousand buildings across the commonwealth since 2002, including affordable housing, office space, restaurants, hotels, retirement homes, child care centers and shopping centers. Notable projects that have used these funds include the Wayne Theatre in Waynesboro, the Paramount Theater in Charlottesville, and the Bolling Wilson (George Wythe) Hotel in Wytheville.

“This tool has helped Virginia communities preserve historically significant buildings while creating quality jobs and stimulating long-term economic growth,” said Warner. “We should not be targeting this proven economic engine, which would leave many localities hanging while some companies and high income earners receive a tax break.”

“I’ve heard from mayors and local leaders across Virginia who agree it would be a short-sighted mistake to eliminate a successful program that’s strengthened local economies in every corner of the commonwealth,” said Kaine.“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.”

Between Fiscal Years 2002 and 2016, developers completed more than one thousand projects in Virginia using the Federal Historic Tax Credit. Elected officials have also voiced concern that eliminating this credit may impact the completion of buildings that are part of existing projects, which localities have already invested in.

The Senate version of the Republican tax plan similarly aims to limit the Federal Historic Tax Credit. Warner, a member of the Senate Finance Committee that is debating the Republican plan this week, has cosponsored a measure that would amend the legislation to protect and expand this tax tool.

Below is a list highlighting some of these notable projects throughout Virginia. For a more comprehensive list please click here.

City

Original Name

Year

Use

Current Use

Bristol

Bristol Warehouse Company

2016

Commercial

Studio Brew

Bristol

Bristol Building Supply Company Building

2012

Office

Bristol School Board Offices

Buena Vista

Peoples Bank Of Buena Vista

2010

Library

Bank

Charlottesville

The Paramount Theater

2005

Other

The Paramount Theater

Danville

John W. Ferrell & Company Furniture Store

2012

Multi-Use

Retail

Danville

North Theater

2005

Housing

The Historic North Theatre Performing Arcts Center

Danville

Continental Tobacco Company

2015

Housing

The Continental Lofts complex

Galax

Ye Ole Galax Post Office

2003

Restaurant

Macado's

Harrisonburg

Cassco Ice House

2015

Commercial

Harrisonburg Ice House

Hillsville

Nuckolls Drug Store

2008

Other

Pizza Perfect On Main

Lexington

McCampbell Inn

2015

Multi-Use

The Georges Inn

Lynchburg

Craddock Terry Shoe Corp. Southland

2007

Hotel

Craddock Terry Hotel

Marion

Marion High School Building

2015

Theater

Wayne C. Henderson School for the Arts

Marion

Lincoln Theatre

2006

Hotel

General Francis Marion Hotel

Norfolk

Portlock Building

2003

Multi-Use

Brick Anchor Brew-House

Richmond

Maggie L. Walker High School

2002

School

Maggie Walker School

Richmond

Lady Byrd Hat Company Building

2009

Multi-Use

Retail

Roanoke

Patrick Henry Hotel

2011

Multi-Use

The Patrick Henry Ballroom & Conference Center

Roanoke

Jefferson Center Auditorium

2001

Theater

Jefferson Center

Roanoke

Burrell Memorial Hospital

2004

Multi-Use

Blueridge Behavioral Healthcare

South Boston

Taylor Tobacco Prizery

2009

Housing

Taylor Lofts Apartments

South Boston

The Prizery-R.J. Reynolds Tobacco Warehouse

2005

Theater

Performing arts venue called the Prizery

Staunton

Stonewall Jackson Hotel And The Blackfriars Playhouse

2006

Hotel

Stonewall Jackson Hotel & Conference Center

Waynesboro

Wayne Theatre

2016

Theater

Wayne Theatre - Ross Performing Arts Center

Winchester

The Old Star Building

2013

Multi-Use

Commercial/Office space and apartments

Wytheville

George Wythe Hotel

2015

Hotel

Bolling Wilson Hotel