Main Street America recently announced Macon has completed more historic preservation tax credit projects than any other community in the nation. According to Main Street America’s “Mapping Main Streets” project, 69 historic tax credit projects have been completed in Macon’s Main Street district, which aligns with the Central Business District in downtown Macon.
Historic tax credits have been the single most transformative financing tool for the revitalization of Macon’s urban core. Qualifying income-producing properties are eligible to freeze their property tax value at the pre-improvement rate for 8.5 years and can receive 25% of their qualified rehabilitation expenses, or QREs, as a state income tax credit and 20% of their QREs as a federal income tax credit. These savings incentivize locals to purchase and rehabilitate eligible historic properties using the Secretary of the Interior’s Standards for Treatment of Historic Properties, ensuring Macon’s historic commercial district and neighborhoods retain their character and charm. Read full story here.