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. Gregory Dietrich Preservation Consulting offers design input to owners, developers and their architects in order to meet the requisite federal guidelines to secure approvals, as well as the completion of the three-part tax credit application. GDPC's familiarity with the regulatory agencies reviewing and approving these applications, as well as an understanding of the federal guidelines, ensures that all requirements will be met for tax credit capture.
State 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 commercial properties or owner-occupied residential properties listed on the National Register that 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. Gregory Dietrich Preservation Consulting provides client assistance with the tax credit process, ensuring that all requirements are met in order to receive preliminary and final certification from the state historic preservation office.
Grant opportunities abound in the field of Historic Preservation via local, state and federal governments, preservation trusts, and private foundations which fund bricks-and-mortar projects, designation reports, preservation planning studies, and educational materials that promote awareness of historic properties. Grant applications for Historic Preservation projects can be onerous and complex, requiring the collaboration and coordination of applicant, architect and preservation consultant to ensure that an application is technically complete. Demonstrating the requisite project management, principal investigator and writing skills, Gregory Dietrich Preservation Consulting has a proven track record in securing grant funding.
Not sure if your project qualifies?
The decision to pursue historic tax credits for a rehabilitation project or apply for a preservation grant can be fraught with a host of questions about project feasibility and economic viability. Gregory Dietrich Preservation Consulting can assist in the due diligence process by clarifying eligibility requirements, providing an analysis of the specific project's feasibility and offering assistance in building the requisite project team for a successful application.