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).
Programs and Financial Incentives
Sep 11, 2013
Programs and Financial Incentives
Historic Rehabilitation Tax Credits
Other Programs and Financial Incentives
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.
Sep 11, 2013
Programs and Financial Incentives
Historic Rehabilitation Tax Credits
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).
Other Programs and Financial Incentives
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.