Historic Tax Credits
If you are a local builder or developer with development projects in the works or in the planning phase, you may want to look into the possibility of applying for Historic Tax Credits. A 20% historic tax credit is available for the rehabilitation of historic, income-producing buildings as determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures.” Cornerstones can help you through the process.
The federal economic incentive program is a three-part application process. All three-parts are required to qualify for the 20% tax credit. Historic preservation easements use only Part 1 of the process. Part 2 describes the existing condition of the building and the planned rehabilitation work. The proposed work will be evaluated based upon the Secretary of the Interior's Standards for Rehabilitation. Part 3 of the application is submitted after the project is complete and documents that the work was completed as proposed. Approval by the National Park Service of Part 3 certifies that the project meets the Standards and is a certified rehabilitation.
Cornerstones works with applicants to fulfill all requirements for all three parts of the process.
Scope of work and amount of investment will determine the cost of a historic tax credit application, so pricing is determined on a case-by- case basis. The work will be turn key and include completing Parts 1, 2 and 3; photography; local coordination with architects and developers for necessary architectural drawings; and, coordination with both the federal and state review agencies.
For more information or to apply for historic tax credits, please contact Ann Gray at 423-265-2825.