Are there tax benefits from being located within a historic district or zone?
There is a federal tax incentive program that currently applies to preservation, which is called Rehabilitation Investment Tax Credit (RITC). Certain costs that are incurred due to rehabilitation of an old structure are eligible for a tax credit. There are two credit rates available – 20% for a historic structure and 10% for a non-historic structure. Rehabilitation Investment Tax Credits are available to the owners or certain long-term renters of income producing properties in a National Registered Historic District.
