Lawmakers weigh preservation credit

[Allan]

Hopefully this doesn't happen. If it does, you can kiss the renovation of things like the Book-Cadillac goodbye.

http://www.freep.com/realestate/renews/credit5e_20050805.htm

[Zissou]

I dont understand why they would even consider eliminating that tax credit. The guy said it doesnt create jobs but dont renovations and developments employ workers? That doesnt make sense to me. If the Book Cadillac ever gets going a lot of people will be working on that project so it effects more than just the building.

[Fletch]

Zissou, the tax credit doesn't flow into the pockets of the rich or corporate America, so, apparently it doesn't create jobs. In any case, since when does job creation trump every other policy goal? It sounds as if the tax credit will survive, but mere consideration of its elimination is bad news. Don't our elected representatives have anything better to do?

[wolverine]

^ No, they don't have anything better to do. I believe the preservation credit can do a lot more to cities besides giving us nice renovated buildings. It helps stimulate interests in downtowns so that businesses both and big and small will move in. Now, that creates jobs. Besides, if they want to create new jobs and business, perhaps new tax incentives would help?

[rbdetsport]

I really hope this doesn't happen. It's already hard enough to get a developer to come to Detroit. This will make it even harder.