Federal Rehabilitation Tax Credits
The Federal Tax Incentives program is jointly administered by the U.S. Department of the Interior and the Department of the Treasury. The National Park Service (NPS) acts on behalf of the Secretary of the Interior, in partnership with the State Historic Preservation Officer (SHPO) in each State. The Internal Revenue Service (IRS) acts on behalf of the Secretary of the Treasury.
There are two incentives available for property owners who wish to renovate their structures.
20% Historic Rehabilitation Tax Credit:
The 20% historic rehabilitation tax credit applies to any project that the Secretary of the Interior designates a certified rehabilitation of a certified historic structure. The 20% credit is available for properties rehabilitated for commercial, industrial, agricultural, or rental residential purposes, but it is not available for properties used exclusively as the owner's private residence.
A certified historic structure is a building that is listed individually in the National Register of Historic Places -OR- a building that is located in a registered historic district and certified by the National Park Service as contributing to the historic significance of that district. The "structure" must be a building-not a bridge, ship, railroad car, or dam. (A registered historic district is any district listed in the National Register of Historic Places. A State or local historic district may also qualify as a registered historic district if the district and the enabling statute are certified by the Secretary of the Interior.)
20% Historic Rehabilitation Tax Credit (PDF)
10% Rehabilitation Tax Credit:
The 10% rehabilitation tax credit applies to any project that is NOT located in a National Register Historic District or is NOT individually listed on the National Register of Historic Places. However, the building must have been put into service before 1936. Also, the building project does not have to be reviewed by the State Historic Preservation Office or the National Parks Service. Other restrictions apply.
10% Rehabilitation Tax Credit (PDF)
Please see the attached documents for more information about both tax incentives. You may also contact Main Street McMinnville for more information.
Rehabilitation Tax Credits: A Complete Guide (PDF)
Investment Credit: IRS Form 3468 (PDF)