Federal Investment Tax Credits are available for approved rehabilitations that are used for commercial purposes, including rental housing and properties listed on the National Register of Historic Places or contributing to a National Register of Historic Districts.
State Income Tax Credits are available for approved rehabilitations to local landmarks and contributing buildings in local historic districts.
The state provides for 20 percent of rehabilitation costs up to $50,000 per qualified property against state income tax. Credit directly reduces (dollar for dollar) income taxes owed the state, and can be carried forward 10 years. Prior approval is required. The Secretary of the Interior's Standards for Rehabilitation are applied in the review of state tax credits and apply to both exterior and interior work to the building.
A waiver of city sales tax on construction materials is available when applying for a building permit, if at least 30 percent of the value of materials is for the building's exterior.
Last Updated on Tuesday, 19 March 2013 11:05