Tax Incentives for Owners of Historic Properties
Posted by: raindrop 6 years, 7 months ago
In my research regarding the Mills Act, I discovered that California has an office which administers programs for historical buildings, the Office of Historic Preservation or OHP.
The OHP’s mission is to promote the preservation of California’s cultural heritage. The Mills Act is one significant tax relief available to owners of historic properties, however, the federal government also has a tax incentive program: The Federal Rehabilitation Tax Credit Program. The OHP administers the 20% Federal Rehabilitation Tax Credit Program for California in partnership with the National Park Service according to federal regulations. OHP acts on behalf of the National Park Service as the initial reviewer to determine if projects submitted for preservation tax credits conform to the Secretary of the Interior’s standards for rehabilitation.
In the Federal Fiscal Year 2010, the National Park Service approved 951 projects nationwide which represented an estimated investment of $3.42 billion. According the OHP, the second highest in program history! Why? Because restoring historical properties has proven to be a cost-effective tool for revitalizing communities and preserving historic places that give communities their special character. The incentives reward private investment in the rehabilitation of historic properties.Currently unrated Share on Twitter Share on Facebook