Impact of Historic Tax Credits
The Case for Qualified Rehabilitation Expenditure Credits
The Tulsa Foundation for Architecture’s mission is primarily educational and promotes the preservation and adaptive reuse of historic structures in our city.
Currently, Tulsa’s downtown is experiencing an exciting revitalization seen in the creation of housing, restaurants, retail, hotels, and entertainment venues. Many of these new businesses are located in Tulsa’s treasured historic buildings that utilized State Historic Tax Credits: the Mayo Hotel and Luxury Residences; Hotel Ambassador; Mayo 420 Building; Courtyard by Marriott-Atlas Life Building; Philtower Residential Lofts; and Tribune Lofts, to name a few. Projects underway at this time include the adaptive use and renovation of the former City Hall to an Aloft Hotel; Vandever’s Department Store to loft housing; Mathews Warehouse as the Arts & Humanities Council of Tulsa/Hardesty Art Center, among others. All of these projects enhance and stimulate growth in our city center and have made downtown Tulsa an exciting place to be again!
Since January 1, 2006, Oklahoma State Tax credits match tax credits for approved 10% and 20% projects. Historic properties offer a diversity of redevelopment possibilities for every investor, and each holds multiple commercial-use potential. The tax deduction is often a crucial financial consideration for developers.
As the Local Partner of the National Trust for Historic Preservation, TFA understands the importance of preservation and the tools that ensure the viability of these projects and the link these revitalized structures have within our community and to those who come to Tulsa for business and as a heritage tourism destination.
Our publication, Downtown Tulsa/Building Opportunity, is a guide to the incentives available for rehabilitating historic structures and underscores the importance of preservation as a link to a past we need to remember. Research conducted for Preservation Oklahoma, Inc. was compiled in “Economic Impacts of Historic Preservation in Oklahoma” and is vital in understanding the role of tax incentives as a powerful economic tool for community revitalization.