We support Historic Tax Credit Planning with the following services:
Historic Preservation Tax Credits originated with the evolving realization nationwide that preservation of historic community assets is an important part of our shared history. These assets warrant an incentive to encourage preservation comparable to other new construction incentives. The Secretatry of the Interior and the National Park Service was charged with setting guidelines to set standards for Certified Restorations... which are eligible for Historic Preservation Tax Credits.
The 10-20% Federal Tax Credits are available to historic structures, based on several criteria of classification and eligibility. These credits only apply to approved and certified restoration projects. Qualified Restoration Expenses (QRE) are identified, approved, and then issued via a Tax Credit Document when the project is completed and inspected. Prior approval is absolutely required. Historic renovation projects must be comprehensive, and must also meet several thresholds of completeness. Credits are not issued for partial restorations, or for routine maintance.
The State of Ohio offers a 25% additional tax credit on top of the Federal credit. The combined credits can amount to 45% of QREs. The State credit uses the same QRE items, but there are differences in eligibility. The State Economic Development Office administers the "OHPTC" applications, and the Ohio SHPO administers the Federal Tax credit certification, so a combined State and Federal Application is possible, and very advantageous.
The SHPO (State Historic Preservation Officies) have additional information at this link http://www.nps.gov/tps/tax-incentives.htm
The State of Ohio's Development Department contains additional information regarding Historic Preservation and Tax credits, http://www.development.ohio.gov/Urban/ohptc/
Below are Certified Historic Preservation Tax credit projects approved as of Summer of 2012 http://www.development.ohio.gov/Urban/documents/ohptc_1-7_20111214_2.pdf
Check out some examples of Historic Restoration photos on Flicker http://www.flickr.com/photos/63837784%40N08/
Rutgers University has issued several reports quantifying the impacts of Historic Preservation.
Third Annual Rutgers Report
Information on Historic Tax Credit Recapture issues,
Historic Tax Credit Recapture Survey
Click Here to download the 2013 Historic Tax Credit -Quick Reference Guide; Comparing the Ohio Preservation and Federal Historic Tax Credit Programs
For more information about how historic tax credits work please contact us. (Updated May 2016)