OCR Text |
Show Taxes & Historic Preservation Salt Lake City will host a conference November 17-19 to discuss provisions in the 1976 Tax Reform Act regarding federal tax incentives which encourage preservation pres-ervation of historic structures. Wilson G. Martin, preservation planner at the Utah State Historical Society and local arrangements clairman, said the conference will take place at the Hotel Utah beginning at 9:00 a.m. November 17. One of nine such meetings being held across the country, Salt Lake's conference will be attended by participants from the states of Utah, California, Califor-nia, Nevada, Arizona, New Mexico, Colorado, Hawaii and the trust territory of Guam. Prior to the Tax Reform Act of 1976 destruction of historic buildings was actually encouraged encourag-ed through allowable tax deductions deduct-ions for the cost of demolition and through accelerated depreciation for the new structure. Current tax deductions under the new act promote preservation by allowing for rapid amortization of rehabilitation rehabili-tation expense and for accelerated accelerat-ed depreciation of the entire structure. Previous demolition deductions are now prohibited. The tax incentives refer to income, as opposed to ordinary residential, property. To qualify as a "historic structure" a building must be on the National Register of Historic Places or certified by state and local district statutes. Certification of plans and methods to be used must also be obtained. Those buildings in Salt Lake City which undoubtedly will gain the necessary certification and tax advantages are, according to Mr. Martin: New York Hotel, Miles Hotel, Mclntyre Building, and Utah Savings and Trust Building. Other possibilities include the Boston Building, Commercial Club, Elks Lodge Building, AuerbachBoyd-Park Building, and Scott Building. The new act is expected to have negative impact on Cross Roads Plaza due to the demolition of the registered Constitution Building. Even without the new Tax Reform Act, restoration of old buildings is coming into its own. Tax advantages merely accelerate the process. Mr. Martin noted that building costs over the last five years have quadrupled in Intyre Building, for example, will cost lease holders $6.50 per square foot a year, while space in a new building in the same area goes for $8.00 a square foot. Rehabilitation is labor intensive, inten-sive, Mr. Martin said. Since fewer raw materials are used more money may be spent on labor. Restoring old structures is found to be energy-efficient as well, again because fewer raw materials are used. Finally, older buildings have been found to be cheaper to heat and cool. Modern architects have largely ignored energy considerations of heating and cooling since this could be done artifically. Architects of earlier structures had to design structures in accord with the environment as far as possible. The conference dealing with the Tax Reform Act of 1976 is sponsored by the U.S. Office of Archaeology and Historic Preservation Preser-vation and the National Park Service Training Institute. It is of direct concerns to state historic preservations personnel, local preservation commissions, and property owners. Those interested interest-ed in further information may contact Wilson G. Martin, Utah State Historical Society, 603 East South Temple, Salt Lake City, Utah 84102. 533-5755. . some cases, making the reuse of older structures profitable. In addition, their possible aesthetic values .are preserved. The Mc- |