What kinds of financial incentives are there for preserving or rehabilitating a property?
Tax incentives are designed to promote restoration, rehabilitation, and preservation of historic structures. Federal A 20% reduction in the amount of income tax owed is available to owners of properties meeting specific criteria. In brief, the property must be income producing (i.e. owner occupied residential structures are not eligible) and listed or eligible for listing in the National Register of Historic Places, or a contributing building to a National Register District. Work must follow the Secretary of the Interior’s Standards for rehabilitation, be approved by the State Historic Preservation Officer, the National Park Service, and the IRS. Federal A 10% reduction in the amount of income tax owed is available to owners of historic properties meeting less stringent criteria than the 20% tax credit. This 10% credit is available for properties that are not eligible for the National Register and are not considered contributing to a historic district. The building must be income produ
