What are Rehabilitation Tax Credits?
Purchasers may be eligible for Rehabilitation Tax Credits if applied for before the restoration begins. Preservation Virginia can provide guidance about how to apply for and receive applicable credits. Placement on the Virginia Landmarks Register and the National Register of Historic Places not only allows a structure to be recognized for its historic and architectural significance, but enables the owner to apply for rehabilitation tax credits. The rehabilitation tax credit program provides a wonderful incentive for restoration by providing a tax credit on approved restoration work. Rehabilitation Tax Credits provide a dollar-for-dollar reduction on income taxes for property owners who rehabilitate historic buildings. Credits can be obtained through the State of Virginia and federal government. The amount of the tax credit depends on the rehabilitation costs. The federal program provides a 20% tax credit on eligible rehab costs. The state tax credit provides a 25% tax credit on eligibl
