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To date almost 200 projects have applied since the first round of credits was
made available in 2004 and approximately $270,000,000 in credits have
been allocated. According to our own economic review of the tax credits
impact on the Commonwealth, it was found that $74,000,000 in tax credits
have leveraged close to $1 billion in total investment, created 12,349 jobs
and rehabilitated 2,655,688 square feet of historic buildings across the
Commonwealth. The economic review also indicated that there is a pent up
demand for the tax credits totaling approximately $293,800,000. The review
further determined that if this pent up demand were to be acted upon, it
would leverage between $1.5 and 2 billion in investments, create over
25,000 jobs and rehab nearly 8 million square feet.
Again, we urge that the language extending the sunset date from 2011 to
2017 which was included as outside section 25 of the Senate enacted budget
be included in the final conference committee report.
Please feel free to contact me directly with any questions about the MHRTC
program or our efforts on the programs behalf.
Sincere Regards,
James W. Igoe
President, Preservation Massachusetts