Gold at Your Client's Doorstep: Federal Tax Incentives for Historic Properties

McClain, Steven L.; Duren, David M.
June 2003
Journal of Financial Planning;Jun2003, Vol. 16 Issue 6, p64
Academic Journal
This article focuses on federal tax incentives for historic properties in the U.S. The Federal Rehabilitation Tax Credit for Certified Historic Structures provides a tax credit for the interior or exterior rehabilitation of a historic property equal to 20 percent of the rehabilitation costs incurred by the owner. This tax credit applies only to properties with a commercial use, including income-producing residential properties. The Federal Historic Preservation Tax Incentive Program is gaining public interest primarily because of its applicability to both residential and commercial properties and because it provides a tax benefit while requiring only a concession on the part of the owner. The U.S. Congress created these tax incentives to encourage individual property owners living in federal historic districts to participate directly in the historic preservation process. For the Internal Revenue Service (IRS), the application of the Rehabilitation Tax Credit is relatively uncontroversial, requiring owners of qualified properties to merely substantiate expenditures for property rehabilitation. In the case of the Historic Preservation Tax Incentive, some local offices of the IRS had difficulty placing a value on the contribution of a partial interest in a property, especially when the property's exterior was already protected by local ordinances.


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