Historic Tax Credits
A Tax Credit is a direct, dollar for dollar reduction in the amount of money a taxpayer must pay in taxes for a given year. The amount of the tax credit ultimately awarded is based on the qualified cost of renovating and restoring a historic property, which qualifying costs do not include acquisition, additions, or landscaping. Applications must be filed with the state and or the U.S. Department of the Interior prior to the completion of the project and approved in order the receive the credits.
There are 2 Historic Rehabilitation Tax Programs: