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Tax Credits Help Spur Tulsa Architects by Joe Cinocca

Tax Credits Help Spur Tulsa Architects by
Article Posted: 04/29/2016
Article Views: 382
Articles Written: 23
Word Count: 596
Article Votes: 0
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Tax Credits Help Spur Tulsa Architects

Business News,Real Estate,Business
It’s no secret that the financial state of affairs in Oklahoma has been dismal for the last few years. The one bright spot in the gloomy economic forecast has been the stellar work that Tulsa architects have performed by revitalizing unused structures downtown, as well as other areas throughout the city and surrounding suburbs.

Lawmakers at the capital building in Oklahoma City realize that new construction and remodeling projects in commercial, as well as residential areas will create jobs and bring sorely needed tax revenue to a state that has seen better days.

One of the numerous ways City Hall has been able to achieve this feat is through tax credits. The biggest impact, specifically, has been the Historic-Rehabilitation Tax Credit, which has been used by architectural firms and real estate developers to rejuvenate run down areas in Tulsa, Oklahoma City, Muskogee, Broken Arrow and countless other cities throughout the state.

The impact of this tax credit on the landscapes of the Sooner state are unparalleled and far-reaching. Besides the external look of the building, functionality has played an important part of making these once dilapidated structures useful in ways, not previously imagined. Taking the lead from top Tulsa architects, smaller communities like Anadarko, Muskogee and Perry are following suit. Infrastructure throughout the United States is a hot button topic that has many scratching their heads at how they will upgrade things like bridges, highways and lightpoles, when the economy is not thriving and many states are scrambling to find funding.

Thinking about this puzzle smarter, as opposed to just blindly throwing money at the problem is the only strategy that stands a chance of success. Creating an incentive for architects, builders and small businesses, in the form of tax credits will foster a willingness to create jobs, keep those wages flowing in the local economy and improving the strength of businesses, both big and small throughout the state. It makes sound fiscal sense to help these people reshape pre-existing land and structures into fully functional buildings that contribute to the annual budget.

Throughout the “Sooner State”, there are hundreds of buildings and structures that pose a historic significance to the rich traditions of Oklahoma. Unfortunately, the reality of the situation is that these properties have either fallen through the cracks, have owners that are indifferent or the deed to the property has become lost. In many instances, the land and property are owned and/or operated by the city. Leaner years see priorities shift from taking care of their property to more pressing matters like crime prevention or fire safety.

The good news about these overlooked dwellings is that there are opportunities for major redevelopment and enrichment into the fabric of these towns. Aggressive tax incentives are one solution to help architects, contractors and builders shape the future skylines of Oklahoma and keep Oklahomans working.

There are numerous types of tax credits that can be given to spur economy on a local and statewide level. The most beneficial and fiscally responsible “credits” are the type that keep money flowing within the city/state limits and create jobs and opportunities for residents of the city receiving the new construction. Depending on the situation, a building project could take a few months to several years, so the impact that an internal tax credit would have for Tulsa architects, Sapulpa construction companies or Oklahoma City planners can be catamount to the entire city being on the rebound. Good situations like this also lead to job growth in other business sectors and spur newfound interest in a once-ignored town.

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