As you may or may not know, up until now, the State of Oklahoma provides income tax credits for certified rehabilitations on investments in designated historic buildings statewide. This state credit has generated millions of dollars of reinvestment to revitalize vacant and underdeveloped buildings, generating jobs and increased tax revenues. However, the state legislature has recently put a moratorium on this tax credit via SB 1267. If this tax credit is not reinstated, it could have a huge impact on the future development of downtown Tulsa.
The restoration of these historic buildings might not have been possible without the use of historic tax credits:
- The Mayo Hotel;
- The Mayo Building;
- The Philtower Lofts;
- The Atlas Courtyard by Marriott;
- The Tribune Lofts; and
- The Hotel Ambassador.
There are at least seven additional projects currently in the works in downtown Tulsa that may cease to happen due to the suspension of Historic Tax Credits.
I ask that you please either write an original email or simply copy and paste the form letter below and contact Governor Brad Henry. For more information on the impact of historic tax credits, visit Preservation Oklahoma.
The reinstatement of these tax credits is vital to the revitalization of our downtown!
I am writing to express my opposition to the recent suspension of the Historic Rehabilitation Tax Credit, via Senate Bill 1267. I feel that a reinstatement of this credit is vital to the preservation and revitalization of not only downtown Tulsa, but to the Tulsa Community as a whole. The incentive to preserve our historic structures is imperative for many reasons. The unique architecture of Tulsa is a testament to our rich and diverse heritage. To see these buildings sitting empty strikes me as both a waste of history and resources. In an environmental context, we need to emphasize the importance of reusing and repurposing our existing resources. To let these buildings decay is a waste of man power, materials, and not to mention, architectural ingenuity and integrity. I can confidently say that a thriving downtown community is important to me. It is not only important to those of us who grew up here and continue to live here now, but also to the intellectual and creative talent from elsewhere that so many local organizations and businesses are striving to attract and retain in the Tulsa community. I urge you to reconsider the suspension of the Oklahoma Historic Rehabilitation Tax Credit.