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Neb. lawmaker pushes for historical tax credit

LINCOLN, Neb. (AP) -- A Nebraska state lawmaker has proposed legislation that he says would help revitalize small-town main streets.

Sen. Jeremy Nordquist of Omaha proposed a state tax credit on Monday to encourage preservation and restoration of historic buildings in Nebraska.

The Nebraska Job Creation and Mainstreet Revitalization Act would offer a tax credit for restoring, rehabilitating or preserving historically significant and income-producing properties.

The legislation would create a 20 percent tax credit for up to $10 million spent on historic preservation, and a 10 percent credit for projects costing more. To qualify for the tax credit, projects must cost at least $25,000.

Nordquist says the bill would spur private investments in revitalizing main streets, create jobs and preserve Nebraska history.