Historic Rehabilitation Tax Credit

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Historic Rehabilitation Tax Credit

A direct, dollar-for-dollar reduction in one's tax liability by a portion of the amount one spends renovating, restoring or rebuilding a historic building. The credit is intended to incentivize historic preservation and therefore does not apply to expansions or new constructions on historic buildings. The tax credit is equal to 20% of expenditures on certified historic buildings and 10% of expenditures on any structure built before 1936.
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For example, a $50 million project with $40 million of qualified rehabilitation expenditures generates $8 million of 20 percent historic rehabilitation tax credits, which can he sold to an investor, raising approximately $7.
Another area of concern is the appetite of investors, for State Historic Rehabilitation Tax Credits.
Eastman worked with a community-based organization in Cleveland, where he developed real estate projects, including those utilizing LIHTC and historic rehabilitation tax credits.
All of the projects were made financially feasible by Federal or State Historic Rehabilitation Tax Credits.
Ben represents developers, lenders and investors involved in the construction and rehabilitation of apartment complexes and housing developments utilizing a variety of sources of financing including low-income housing and the historic rehabilitation tax credits.
Commissioner (TC Memo 2009-295, cited in the instant case), the Tax Court upheld the partnership status of a marketed fund and two lower-tier partnerships that together had hundreds of investor partners that shared in Virginia state historic rehabilitation tax credits.
The purpose of the platform is to automate the intake, review, approval and publishing processes of four SHPO programs: 1) National Registry of Historic Places (NRHP), 2) Archaeology, 3) Section 106 Environmental Review and the 4) Historic Rehabilitation Tax Credits.
Historic Rehabilitation Tax Credits were enacted in 1999 to allow for corporate and individual tax credits to rehabilitate income-producing historic structures.
To be eligible for the federal historic rehabilitation tax credits a property must meet certain criteria.
DeMartino focuses his practice on real estate and renewable investments using renewable energy tax credits, historic rehabilitation tax credits, and new markets tax credits.
UFA's investments have incorporated a wide array of alternative financing tools, including NMTCs, Renewable Energy Investment Tax Credits, Historic Rehabilitation Tax Credits and EB-5 capital.
Thus, it would not apply to facts similar to those in another recent partnership case denying historic rehabilitation tax credits, Virginia Historic Tax Credit Fund 2001, LP, 639 F.
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