In cooperation with the Governor’s Office the Department of Cultural Affairs has created a stakeholder group to evaluate our State Historic Preservation Tax Incentive Program. The following people have been chosen to participate in the group: Emily Meyer, Greg Wattier, Jake Christensen, Jim Hobart, John Gronen, Rebecca McCarley, Sam Erickson, Steve King, Dan Downs and Sarabeth Anderson.
We accept Part 2 applications for the State Historic Preservation and Cultural & Entertainment District Tax Credit Program for projects with estimated qualified rehabilitation costs of $500,000 or less throughout the year until all credits are reserved. Projects over $500,000 must wait to file Part 2 applications during the filing window, which opens on the first day of the state fiscal year each July. To learn more, please reference the information below.
*Please Note: the administrative rules document presents the amendments to rules filed emergency on June 22, 2011. Final editing and publishing may make minor technical edits to the text. We will post the official version of the rules when they are published.
The State Historic Preservation and Cultural & Entertainment District Tax Credit Program provides a state income tax credit for the sensitive rehabilitation of historic buildings. It ensures character-defining features and spaces of buildings are retained and helps revitalize surrounding neighborhoods. The Program provides an income tax credit of 25% of qualified rehabilitation costs.
Another 20% is available if the property is income-producing and qualifies for the Federal Rehabilitation Investment Tax. A separate application is required. See http://www.iowahistory.org/historic-preservation/tax-incentives-for-rehabilitation/federal-tax-credits.html.
Several types of properties are eligible for the state tax credit:
Program eligibility depends on the type of building, the assessed value of the building and the amount of rehabilitation proposed:
As with other State Historical Society of Iowa incentive programs, the work must meet the Secretary of the Interior’s Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings. Information on the Standards and Guidelines can be found online at www.nps.gov/history/hps/tps/tax/rehabstandards.htm.
To find out a building’s National Register status or for information about how to nominate a property to the National Register, go to www.iowahistory.org/historic-preservation/national-register-of-historic-places/.
The Program includes five funds:
Legislation mandates tax credits cannot be reserved for more than three years. Due to high demand, Part 2 applications for all but the Small Projects Fund are received each year during the first ten business days in July. Applications for the Small Projects Fund are accepted year-round until the available credits are reserved.
For more information see www.iowahistory.org/historic-preservation/ or contact Elizabeth (Beth) Foster Hill, Tax Incentive Programs Manager/National Register Coordinator, at (515) 281-4137 or Beth.Foster@iowa.gov.