DOWNTOWN JACKSON PARTNERS HAS LONG BEEN A STRONG SUPPORTER OF THE HISTORIC PRESERVATION TAX CREDIT PROGRAM, ONE OF THE MOST IMPORTANT TOOLS FOR HISTORIC PRESERVATION AND ECONOMIC DEVELOPMENT IN THE STATE OF MISSISSIPPI. IN 2016, DJP, IN PARTNERSHIP WITH OTHER ORGANIZATIONS, WAS ABLE TO REVIVE THE PROGRAM THROUGH 2020 AND RAISE THE ALLOCATION FROM $60 MILLION TO $120 MILLION.
IN 2020, DJP WAS SUCCESSFUL IN ITS JOIN EFFORTS WITH THE MISSISSIPPI HERITAGE TRUST AND OTHER STAKEHOLDERS TO RENEW THE TAX PROGRAM. MEMBERS OF THE DJP BOARD OF DIRECTORS MET WITH STATE OFFICIALS DURING THE 2020 LEGISLATIVE SESSION TO DISCUSS THE IMPORTANCE OF THE PROGRAM, OF WHICH THE MISSISSIPPI LEGISLATURE VOTED TO EXTEND FOR ANOTHER 10 YEARS AND RAISE THE TOTAL ALLOCATION TO $180 MILLION.
IN 2021, DJP JOINED THE MISSISSIPPI HERITAGE TRUST, MISSISSIPPI MAIN STREET, MISSISSIPPI MUNICIPAL LEAGUE, AIA MISSISSIPPI, AND OTHERS, IN SUCCESSFULLY AMENDING THE PROGRAM TO ALLOW FOR MORE FLEXIBILITY WITHIN THE PROGRAM AND EXPAND THE ELIGIBILITY OF PROJECTS.
ACHIEVING THIS SUCCESS WAS INSTRUMENTAL IN TERMS OF ECONOMIC DEVELOPMENT THROUGHOUT THE CITY OF JACKSON AND ACROSS THE STATE OF MISSISSIPPI. THE PROGRAM HAS SPURRED MORE THAN $170 MILLION IN ECONOMIC DEVELOPMENT IN DOWNTOWN JACKSON, MISSISSIPPI, ALONE, AND THAT NUMBER IS STILL CLIMBING.
THE PROGRAM WILL CONTINUE TO PROVIDE A 25% TAX CREDIT ON ALL QUALIFYING HISTORIC BUILDING REHABILITATION EXPENDITURES, AND IT NOW CREATES TWO ANNUAL STATEWIDE CAPS OF $12 MILLION, ONE FOR PROJECTS OVER $1,750,000 AND ANOTHER FOR PROJECTS UNDER $1,750,000. ALSO, IF THE ANNUAL CAP IS MET, PROJECTS THAT ARE NOT FUNDED IN THAT YEAR ARE ELIGIBLE FOR FUNDING THE FOLLOWING YEAR. THE MISSISSIPPI HISTORIC TAX CREDIT PROGRAM HAS A SUNSET DATE OF 2030 WHICH WILL HELP TO ENSURE CONTINUED INVESTMENT WITHIN OUR BELOVED DOWNTOWN FOR YEARS TO COME.