What You Should Know About Historic Tax Credits
Macon is an old city with a deep history that deserves to be preserved. At Spivey, Pope, Green, & Greer, we are committed to making a meaningful impact on the Middle Georgia community. We offer historic tax credit services to business owners who are dedicated to preserving Macon’s rich history. If you are interested in renovating a historic structure, here are some basic facts about the Federal Historic Preservation Tax Incentives program.
Eligible Buildings and Uses
The Federal Historic Preservation Tax Incentives Program is administered by the National Park Service and the Internal Revenue Service (IRS) in partnership with State Historic Preservation Offices (SHPO). To be eligible for a 20% tax credit, historic rehabilitation must meet the following requirements:
- The building must produce income, meaning it cannot be a residential property
- It must be a “certified historic structure” by the National Park Service
- It must apply with the Secretary of the Interior’s Standards for Rehabilitation
To determine if this tax credit is available and beneficial to you, contact SPGG. We will help you maximize the potential returns on your investment and take advantage of historic tax credits.
Additional Tax Credits
A 10% tax credit is available through the Federal Historic Preservation Tax Incentives Program for the renovation of non-historic buildings not listed on the National Register of Historic Places. To be eligible for this tax credit, rehabilitation must meet the following requirements:
- The building must have been built before 1936
- It cannot be used as residential property
- At least 50% of the existing external walls must remain as external walls
- At least 75% of the existing external walls must remain as either external or internal walls
- At least 75% of the internal structure must remain the same
Historic preservation easements are also eligible for tax incentives such as federal income tax deduction. Learn more about the Federal Historic Preservation Tax Incentives Program.
Spivey, Pope, Green, & Greer has over 130 years of combined experience. Two of our attorneys in particular have extensive experience in historic tax credits: David A. Pope and George S. Greer. Learn more about how SPGG can help you receive a historic tax credit.