Expanded Rehabilitation Tax Credits Available

When the General Assembly passed legislation to expand two of the state’s historic rehabilitation tax credits, Julie Carmelich, the tax credit administrator for the State Historic Preservation Office (SHPO), thought it would be possible to have new regulations for implementing the credits in place by early fall.

Unfortunately, the new regulations will not be in place that soon. It now appears that the new regulations won’t be completed until the middle of 2012.

There’s good news, though. For those who want to get rehab projects underway more quickly, the SHPO is accepting new applications for the expanded tax credit programs now. Until the new regulations can be adopted, the office will work under the existing regulations, with the approval of the Attorney General’s office. 

The expansion applies to the Historic Structures Rehabilitation Tax Credit and the Historic Preservation Tax Credit to provide tax incentives for the rehabilitation of historic industrial, commercial, institutional, former municipal, state or federal government properties, cultural buildings, residential properties of more than four units, or mixed residential and nonresidential properties. Only industrial and commercial buildings were included previously.