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PRESS RELEASE- Downing Announces Colonial Theatre to Receive Historic Tax Credits
October 18, 2007

Pittsfield - State Senator Benjamin B. Downing (D-Pittsfield) announces today that Pittsfield’s Colonial Theatre has been chosen to receive $300,000 from the Massachusetts Historic Rehabilitation Tax Credit program.   The program is administered by the Massachusetts Historic Commission, an office under the jurisdiction of Secretary of the Commonwealth William Francis Galvin. 

 

“The Colonial Theatre is an essential piece to Pittsfield’s revitalization plans,” said Downing.  “Funding through the Historic Rehabilitation Tax Credit program will allow the Colonial to contribute even more to the economic development and prosperity of the Berkshires.”   

 

The Colonial symbolizes the re-emergence of Pittsfield as the economic and cultural center of Berkshire County.  A restored and active Colonial Theatre, together with the region’s other attractions and businesses, is creating jobs, attracting and inspiring audiences, and adding vitality to a place that has successfully transitioned itself from a manufacturing center into a cultural destination. 

This funding will be used to completely eliminate construction debts not covered by pledges (approximately $190,000) and will allow the Colonial to pay off the oldest and most significant bills remaining from the restoration.  Now that the bulk of the reconstruction is complete, the Colonial is shifting their attention to other important projects including repointing and sealing the exterior brick walls. 

 

The Massachusetts Historic Rehabilitation Tax Credit is a preservation program that provides revenue-generating propertied with up to 20% of the cost of certified rehabilitation expenses in the form of state tax credits.  The screening process includes criteria that ensure the funds are distributed to the projects that provide the most public benefit.  The Massachusetts Historical Commission certified all projects and allocates available credits.

 

The annual deadlines for application are April 30, August 31, and January 15.  For additional information on the Historic Rehabilitation Tax Credit program and for application forms, please visit:  http://www.sec.state.ma.us/mhc/mhctax/taxidx.htm.

 

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