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| Historic Tax
Credit Program |
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The Rehabilitation Investment Tax Credit
(RITC) Program is the most widely used incentive
program for historic preservation in the United
States. The current tax incentives were
established by the Tax Reform Act of 1986. They
allow a 20% tax credit for the certified
rehabilitation of a certified historic structure
and a 10% tax credit for the rehabilitation of
non-historic, non-residential buildings built
before 1936. To be eligible for the 20% Tax
Credit:
- The building must be
listed on the National Register of Historic
Places either individually or as a contributing
building within a district, or be a contributing
building to a Local Certified District.
- It must be used for
income producing purposes.
- The rehabilitation work
itself must be undertaken according to the
Secretary of the Interior's Standards for
Rehabilitation.
- The project must meet
the "substantial rehabilitation test." This test
is where the amount of the money to be spent on
the rehabilitation is greater that the adjusted
basis of the buildings or at least $5,000.
- Generally, projects
must be finished within a 24-month period.
In Pennsylvania, two government
agencies review all RITC projects. They are the
Bureau for Historic Preservation of the
Pennsylvania Historical and Museum Commission
and the National Park Service.
For more
information about the RITC program or if your
project qualifies, please contact Historic York,
Inc.
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