A 20% Federal Rehabilitation Tax Credit is available for rehabilitating an income-producing building. This dollar-for-dollar Federal income tax credit equal to 20% of the construction costs may be used by the building owner or sold to a tax credit investor. The minimum investment is 100% of the building's "adjusted basis"; that is, the purchase price minus the land cost and depreciation, plus prior improvements. The building must be a certified historic structure. Call the IHPA at 217-782-4836 (Landmarks Illinois, 2008).

A 10% Federal Rehabilitation Tax Credit is available for rehabilitating an income-producing, non-residential building built before 1936. (This is NOT for properties listed on the National Register of Historic places or in local landmark districts). This dollar-for-dollar Federal income tax credit equal to 10% of the construction costs. The minimum investment is 100% of the building's "adjusted basis"; that is, the purchase price minus the land cost and depreciation, plus prior improvements. Use IRS form# 3468. Call the IHPA at 217-782-4836 (Landmarks Illinois, 2008).

There are many other resources available to those who wish to preserve historic structures and places. Landmarks Illinois, a statewide historic preservation nonprofit, has compiled a comprehensive list of grants, loans, and other incentives and resources that can be used. Available resources run the gamut of opportunities, from bricks-and-mortar projects, to making historic buildings more energy-efficient, to conserving cultural assets. These resources are available to municipal owners, non-profit owners, private owners, and museums interested in preserving the past for the benefit of the present towards a brighter future. This list can be found at: http://www.landmarks.org/incentives.htm.