Historic Tax Credit Applications

Federal Rehabilitation Tax Credits
Owners of income-producing properties that are eligible for listing on the National Register of Historic Places have the potential to qualify for a 20% after-tax credit on their federal income tax return for qualified rehabilitative expenses related to their property's redevelopment. In order to assist clients in their due diligence, Gregory Dietrich Preservation recommends a feasibility analysis in advance of completing the Historic Rehabilitation Tax Credit application in order to gauge programmatic needs against compliance requirements. GDP's familiarity with the federal requirements for rehabilitation, as well as a familiarity with the regulatory agencies reviewing and approving these applications, ensures that the project will meet compliance standards for historic tax credit capture.

State Historic Rehabilitation Tax Credits
States such as New York, Connecticut, Delaware and Maryland offer state tax credits as an added incentive for rehabilitating National Register listed properties. For example, in New York State owners of income-producing properties that are eligible for National Register listing and are located in eligible census tracts have the potential to capture 20% after-tax credits for qualified rehabilitative expenses related to their property's redevelopment with a credit cap of $5,000,000. Gregory Dietrich Preservation provides assistance as needed with the state tax credit process, ensuring that all requirements are met in order to receive preliminary and final certification from the state historic preservation office.

Not sure if your project qualifies?
The decision to pursue historic tax credits for a rehabilitation project can be fraught with a host of questions about project feasibility and economic viability. Gregory Dietrich Preservation can assist in the due diligence process by clarifying eligibility requirements, providing an analysis of the project's feasibility and offering assistance in building the requisite project team for a successful application.