This historic train station in Washington, DC, was rehabilitated for use as a retail center and intermodal transportation facility. Photo: NPS files
What is the 20% tax credit for rehabilitating
historic buildings? How long has this credit been available?
The FEDERAL HISTORIC PRESERVATION TAX INCENTIVES PROGRAM–the
20% tax credit–began in 1976. Since that time, the National
Park Service (NPS) has administered it in partnership with the Internal
Revenue Service (IRS) and with State Historic Preservation Offices
(SHPOs). To date tens of thousands of rehabilitation projects have
been approved, representing billions of dollars in private investment.
One of the federal government’s most successful and cost-effective
community revitalization programs, the Preservation Tax Incentives
reward private investment in rehabilitating historic properties
such as offices, rental housing, and retail stores. Abandoned or
under-used schools, warehouses, factories, churches, retail stores,
apartments, hotels, houses, and offices in many cities have been
restored to life in a manner that retains their historic character.
The Preservation Tax Incentives have also helped to create moderate and low-income housing in historic buildings.