The revival of Kansas’ Historic Tax Credit program took a major step forward earlier this week as the Kansas Senate approved HB430 on a 29-7 vote.
The bill now moves to the Kansas House of Representatives for its consideration. The major impact of the bill is to restore the viability of the tax credit program, which had inadvertently been compromised by the budget-balancing action of the 2009 Kansas Legislature.
Numerous Senators spoke of the positive economic impact that rehab tax credit-driven development has had on their communities. Sen. Carolyn McGinn cited the Old Town community in Wichita as a dramatic example of the success of the program. “Old Town would not be on the tax rolls without this program,” she said. “(Otherwise) we wouldn’t’ have Old Town, we wouldn’t have the arena, we wouldn’t have the economy we have. It’s reaping revenues so we can pay for existing public services.”