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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Oklahoma to cut historic rehabilitation tax credits in the State).
In substance, the court concluded, the transaction with the tax equity investor had been a sale of historic rehabilitation tax credits.
All of the projects were made financially feasible by Federal or State Historic Rehabilitation Tax Credits.
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.
After beginning renovation, the NJSEA learned of the market for historic rehabilitation tax credits (HRTCs) among corporate investors and of the additional revenue that market could bring to the state through a syndicated partnership with one or more investors.
Cabral said the combination of expanded historic rehabilitation tax credits, incentives to address higher-cost brownfield redevelopment, and business tax breaks for projects that lease redeveloped commercial space and provide new jobs will spur a new era of redevelopment in cities such as Worcester, Fitchburg, Brockton and Holyoke.
7 Public-Private Partnerships are Working:Efforts and incentives including but not limited to historic rehabilitation tax credits, Neighborhood Enterprise Zone tax abatements, various Detroit Downtown Development Authority programs, and the Detroit Renaissance Lower Woodward Housing Fund) are together attracting investors to greater downtown Detroit.
Is the property eligible for historic rehabilitation tax credits or other tax credits?
In order to find out whether state historic rehabilitation tax credits are offered in your area, visit (www.
Historic Rehabilitation Tax Credits were enacted in 1999 to allow for corporate and individual tax credits to rehabilitate income-producing historic structures.
State and National Registers listing can assist property owners in revitalizing buildings, making them eligible for various public preservation programs and services, such as matching state grants and state and federal historic rehabilitation tax credits.
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