Possibly as remarkable as the political pairing in support of a tax-code change to renovate old schools is the range of good it would do, former Gov. and U.S. Sen. George Allen told the Richmond Crusade for Voters last night.
It would be good for students, job creation, energy efficiency and taxpayers, he said.
"I have yet to see an idea that covers so many bases — all bases" Allen said. "It's a home run of an idea."
Republican Allen joined former Virginia Democratic Party Chairman Paul Goldman and former Democratic National Committee chairman and recent Democratic gubernatorial primary hopeful Terry McAuliffe at a Crusade meeting last night to get the group's support. A majority of about 100 people present voted to back the proposal.
The three speakers say a simple change in the federal tax code would allow the application of a historic-rehabilitation tax credit to renovate aging school buildings. Goldman has said most buildings more than 50 years old can qualify for the tax credit, which can account for up to 20 percent of the cost to update them.
Currently, private investors who renovate school buildings for another use, such as condominiums, can get a tax credit, but it does not apply if the buildings are returned to their prior use.
Under the proposal, private investors would receive credits for rehabbing the schools and then leasing the structures back to localities for a set period of time, Goldman said.
Goldman and Allen recently outlined their proposal in an opinion article published in The New York Times, copies of which were circulated at last night's meeting. McAuliffe has now gotten on board with the idea, saying last night that tax receipts are down, money is tight and people have to think outside the box.
"Let's use the tax code to help our children," he told the audience.
Several local and state elected officials were in attendance, including Richmond City Councilmen E. Martin Jewell and Bruce W. Tyler; Del. Joseph D. Morrissey, D-Henrico; and Richmond School Board member and Del.-elect Betsy Carr, D-Richmond. Richmond Mayor Dwight C. Jones also made an appearance.
Olympia Meola is a staff writer at the Richmond Times-Dispatch.
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