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The Historic Tax Credit (HTC) is the federal tax credit program that incentivizes the rehabilitation of historic buildings. The HTC, which has rehabilitated more than 38,700 buildings and leveraged about $106 billion in private investment nationwide, is in danger of being eliminated in current budget-balancing discussions in Congress. [34]
A 20% credit is available for the rehabilitation of historical buildings and a 10% credit is available for non-historic buildings, which were first placed in service before 1936. Benefits are derived from tax credits in the year the property is placed in service, cash flow over 6 years and repurchase options in year six.
Until 1976 tax incentives were virtually non-existent for buildings on the National Register. Before 1976 the federal tax code favored new construction over the reuse of existing, sometimes historical, structures. [5] After 1976 the tax code was altered to provide tax incentives which promote preservation of income-producing historic properties.
Gov. Mike DeWine announced more than $67 million in tax credits to rehab historic buildings across the state.
Senate committee backs away from abolishing film and historic preservation tax credit. House reduces list of new taxable services from 40 to 19.
The National Historic Preservation Act was signed into law by Lyndon B. Johnson on October 15, 1966. [17] This act established several institutions: Advisory Council on Historic Preservation, State Historic Preservation Office, National Register of Historic Places, and the Section 106 review process. [15]
In total, 56 buildings will benefit from the $67.5 million in tax credits. Receiving $250,000 in tax credits is the approximate $4.2 million rehabilitation of the Hotel Swisher at 117 to 119 E ...
Both public and privately owned properties can be designated as NHLs. This designation provides indirect, partial protection of the historic integrity of the properties via tax incentives, grants, monitoring of threats, and other means. [1] Owners may object to the nomination of the property as an NHL.