Kennedy Sutherland attorney, Patrick J. Kennedy, Jr. was quoted in the Galveston County Daily News article, “New state law could financially boost some Galveston nonprofits.” The article covers House Bill 3230, which passed the Texas legislature during the 84th session and allows nonprofits to sell the tax credits earned on their qualified historic preservation projects. In the article Kennedy states, “Opportunities to sell the credits could arise from corporations who have franchise tax liability but want to help nonprofits. The law can bolster the economic impact of historic preservation in Texas, a sector that already financially infuses the state enormously. In addition to rehabilitation of historic buildings, preservation activities include heritage tourism and history museum operations.”
According to Preservation Texas historic preservation contributes more than $4.6 billion annually to the state. Several preservationist and Galveston nonprofits are already exploring how the new legislation can help revitalize many of their projects.
Read the entire article which ran on December 31st by Joseph Baucum in The Galveston County Daily News here.