What is the 20% tax credit for rehabilitating historic buildings? How long has this credit been available?
Answer
The FEDERAL HISTORIC PRESERVATION TAX INCENTIVES PROGRAM the 20% tax credit began in 1976. Since that time, the National Park Service (NPS) has administered it in partnership with the Internal Revenue Service (IRS) and with State Historic Preservation Offices (SHPOs). To date tens of thousands of rehabilitation projects have been approved, representing billions of dollars in private investment.
One of the federal governments most successful and cost-effective community revitalization programs, the Preservation Tax Incentives reward private investment in rehabilitating historic properties such as offices, rental housing, and retail stores. Abandoned or under-used schools, warehouses, factories, churches, retail stores, apartments, hotels, houses, and offices in many cities have been restored to life in a manner that retains their historic character. The Preservation Tax Incentives have also helped to create moderate and low-income housing in historic buildings.
To qualify for the 20% tax credit, does a building have to be individually listed in the National Register of Historic Places or included in a National Register historic district?
Answer
In general, yes. However, buildings that have been determined eligible by the State Historic Preservation Office for individual listing in the National Register or that may be included in a local certified historic district or in a historic district that is potentially eligible for.
Can the 20% federal tax credit be used to rehabilitate an owners private residence?
Answer
No. The 20% credit is available only to properties rehabilitated for income-producing purposes, including commercial, industrial, agricultural, rental residential or apartment use. The credit cannot be used to rehabilitate your personal residence in which you live.
However, if a portion of a personal residence is used for business, such as an office or a rental apartment, in some instances the amount of rehabilitation costs spent on that portion of the residence may be eligible for the credit.
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