Historic Tax Credit Programs

New York State Historic Tax Credits

For Income-Producing Historic Properties

The Federal Historic Preservation Tax Credit Incentives program provides a 20% federal tax credit to property owners who undertake a substantial rehabilitation of a historic income-producing property. For projects approved for the federal credit, the property owner may be eligible for an additional 20-30% New York State credit. There is one application for both programs.

The New York SHPO is the first point of contact and primary coordinator to gain approvals for both programs for projects based in New York State. Partners include the National Park Service, the Internal Revenue Service, and the New York State Department of Taxation and Finance.

For Owner-Occupied Historic Residences

The New York SHPO administers the application process for the approval of the use of the New York State Historic Homeownership Rehabilitation Tax Credit Program. This partnership program with the New York State Department of Taxation and Finance offers a 20% New York State tax credit for the rehabilitation of owner-occupied historic properties.

For Historic Barns

The New York SHPO administers the application process for the approval of the use of the New York State Historic Barn Rehabilitation Tax Credit Program. This partnership program with the New York State Department of Taxation and Finance offers a 25% New York State tax credit for the rehabilitation of barns constructed prior to 1946.

Ohio Historic Tax Credits

The Ohio Historic Preservation Tax Credit Program provides a state tax credit up to 25% of qualified rehabilitation expenditures incurred during a rehabilitation project, up to $5 million. The tax credit can be applied to applicable financial institutions, foreign and domestic insurance premiums or individual income taxes. Projects certified on or before June 30, 2021, can apply the tax credit against applicable commercial activity taxes. Projects certified after this date will not be able to apply the tax credit in that way.

Who can apply?

Owners and long-term lessees of historically designated buildings who undertake a rehabilitation project may apply for the Ohio Historic Preservation Tax Credit. A building must be individually listed on the National Register of Historic Places; contribute to a National Register Historic District, National Park Service Certified Historic District, or Certified Local Government historic district; or be listed as a local landmark by a Certified Local Government to be eligible. Properties that will be used as a single-family residence or multi-family residential condominiums are not eligible.

North Carolina Historic Tax Credits

Eligibility

Buildings listed in the National Register of Historic Places (NR), either individually or as a contributing building in a National Register historic district, are candidates. Contributing buildings within one of the state’s three certified local historic districts in Raleigh, Goldsboro, or Madison, are also candidates.
 

  • The rehabilitation of the historic structure must exceed $10,000 within a 24-month period. Eligible rehab expenses must be incurred within the defined 24-month period, though the overall project may take longer than 24 months.
     

  • Eligible rehabilitation expenses are limited to $150,000, with a maximum tax credit of $22,500.
     

  • Taxpayers may claim tax credits for one rehabilitation project every five years for this program.
     

  • All rehabilitation work must meet The Secretary of the Interior's Standards for Rehabilitation.
     

  • Regardless of total rehabilitation expenditure, the State Historic Preservation Office will review all work for compliance with the Standards.

Application Process

Property owners are strongly advised to consult with the State Historic Preservation Office before beginning a rehabilitation to resolve potential design and rehabilitation problems that could result in the denial of the credits.

There is a two-step tax credit application process. Applications are submitted by the owner for review and approval by the State Historic Preservation Office.

Part A – Description of Rehabilitation
Consists of detailed descriptions of existing conditions and the proposed work, overall before rehabilitation photos, and plans or drawings, as needed, to fully describe the scope of the rehabilitation project.

Part B – Request for Certification of Completed Work
Consists of after photos documenting the rehabilitated property and documentation that the building contributes to a National Register Historic District. No documentation is needed for properties individually listed on the National Register.

Fee payment is due with Part A and B applications, based graduated fee schedule. 

Vermont Historic Tax Credits

• 10% Historic Rehabilitation Tax Credit (add-on or piggy back credit for projects approved for the 20% Federal Rehabilitation Tax Credit). Projects eligible for the 20% federal credit receive an additional 10% Vermont income tax credit for all building improvements, unlike the following state credits, which only target certain rehabilitation costs. In effect, the combined federal-state credits reduce the entire rehabilitation cost by 30%. Maximum credit is $50,000. Design standards apply to this program; refer to section VI for details.

• 25% Façade Improvement Tax Credit. A state income tax credit is available to cover 25% of eligible façade improvements, with a maximum allocation amount of $25,000. Projects eligible for the 10% Historic Rehabilitation Credit above are ineligible for this program. Design standards apply to this program; refer to section VI for details.

• 50% Code Improvement Tax Credit. This credit covers code-related work including: o Elevators and sprinklers, as required to bring the building into compliance with access and life safety codes; tax credit allocation up to $50,000 for elevator work and up to $50,000 for sprinkler systems. o Platform lifts, as required to bring the building into compliance with access codes; tax credit allocation up to $12,000. o Other code work required to meet ADA, electrical or plumbing codes, the abatement of hazardous substances like lead paint and asbestos, and the redevelopment of a contaminated property under a plan approved by the Secretary of Natural Resources; tax credit allocation up to $25,000 for the combined costs of these qualified improvements. Projects must be inspected for code compliance; refer to section V for details.

Missouri Historic Tax Credits

The state credits apply to income-producing property including either commercial or residential rental property, or personal residences that are certified historic structures and meet the minimum investment threshold. Missouri law provides an investment tax credit equal to 25% of approved costs associated with qualified rehabilitation made after Jan. 1, 1998. A state tax credit is a dollar-for-dollar reduction or elimination of an individual/entity’s state tax liability.