Texas Historic Preservation Tax Credit
Property owners, developers, and businesses have a powerful new financial tool to aid in the rehabilitation of historic properties.
State tax credits worth 25 percent of the eligible rehabilitation costs are available for eligible income-producing projects, with a project minimum of $5,000 and no project maximum. In the absence of a state income tax, the credit is applied against a business’ franchise tax liability. The state credits can be sold or transferred to other investors.
Additionally, projects may qualify for long-established federal tax credits worth an additional 20 percent, potentially generating enormous savings for historic property renovation.
“We’re thrilled to offer these tax credits to projects across Texas,” says Sharon Fleming, director of the Texas Historical Commission’s Architecture Division. “They are great tools for entrepreneurs to expand or launch an exciting business while supporting historic preservation and sustainable architecture.”
Eligible property owners must demonstrate that their rehabilitation efforts meet the Secretary of the Interior’s Standards for Rehabilitation. Eligible properties include those listed on the National Register of Historic Places or designated as a Recorded Texas Historic Landmark or State Antiquities Landmark.
For more information about the Texas Historic Preservation Tax Credit Program, visit www.thc.state.tx.us/taxcredits.
– See more at: http://www.thc.state.tx.us/news-events/press-releases/apply-now-texas-historic-preservation-tax-credit#sthash.3Mc0WLDB.dpuf