Podcast: How potential federal tax changes could stifle Spartanburg development
Frequently used Historic and New Markets tax credits under threat by federal tax changes recently passed by House
It won't merit mention in national stories about proposed federal tax reform legislation that recently passed the House, but for folks in Spartanburg excited for historic redevelopments like the Montgomery Building project and community enhancements like the Northside's Franklin School, changes may be coming that would severely curtail similar projects in the future. A pair of tax credits that have been frequently used by to stimulate development in Spartanburg, the Historic Tax Credit and the New Markets Tax Credit, would be eliminated under the version of the federal tax reform bill currently being considered.
Underscoring the importance of using such credits to stimulate investment, Montgomery Building developer James Bakker told City Council at their most recent meeting that Historic Tax Credits "bring the deal to a level that's affordable," and that in their absence, Montgomery's redevelopment would not have been feasible. Today on the podcast, Assistant City Manager Chris Story helps break down the proposed changes and what they would likely mean for Spartanburg.
Listen below for more, and then contact Congressman Trey Gowdy and Senators Tim Scott and Lindsey Graham to share your concerns about what losing these credits could do to harm our city's development efforts.
Want to listen to our podcast on your iOS device? Follow this link to subscribe through iTunes. Android user? Find us on the Google Play store here. Got Stitcher? Follow this link to listen. Podcast theme music provided by Spartanburg singer-songwriter, David Ezell.