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Purpose
The
Federal Historic Preservation Tax Incentives Program provides a federal income
tax credit for the sensitive rehabilitation of historic buildings. It ensures
that character-defining features of buildings are retained and helps revitalize
surrounding neighborhoods.
Eligibility
Requirements
The federal tax credit program provides either a 20% historic tax credit or a
10% non-historic income tax credit, based on the qualified rehabilitation expenditures
and dependent upon the type of building as described below. For both tax credit
amounts, the buildings must be used for income-producing purposes and the rehabilitation
must be “substantial" (see below).
1) For the 20%
historic rehabilitation tax credit, the building must be listed on the
National Register of Historic Places individually or as a contributing resource
in a listed historic district, or it must be evaluated as meeting the qualifications
set for National Register listing by the U.S. Secretary of Interior. In these
cases, the property must be listed within 30 months after claiming the credit
on IRS forms. For more detailed information, read the National
Park Service tax incentive brochure.
To qualify for the 20%
tax credit for historic buildings, the rehabilitation must be approved as meeting
The Secretary of the Interior's
Standards for Rehabilitation and Guidelines for Rehabilitating Historic
Buildings. This ensures that the work is consistent with the
historic character of the building and, if applicable, the surrounding historic
district.
Contact Elizabeth (Beth)
Foster Hill, Tax Incentive Programs Manager/National Register Coordinator, at
(515) 281-4137 or Beth.Foster@iowa.gov
to find out your building’s National Register status or for information
about how to nominate a property to the National
Register of Historic Places.
2) For the 10%
rehabilitation tax credit, the building must have been first used or
occupied prior to 1936, the building cannot be used for residential
purposes, and it cannot be listed on the National Register of Historic Places
individually or as a contributing resource in a National Register-listed historic
district. The State Historic Preservation Office does not review projects applying
for the 10% credit. For more information go to the IRS
website.
For both tax credits, there
should be "substantial rehabilitation" of the building within a 24-month
period. This means that the amount invested into the rehabilitation must exceed
the "adjusted basis" or depreciated value of the building. In some instances,
the substantial rehabilitation for 20% tax credits may extend up to 60 months
and across several phases.
Application
Instructions and Forms
Save the appropriate documents to your computer. If you need the instructions
or forms in another document format or have difficulty downloading the forms,
please contact the Tax Incentive Programs Manager listed below. You may want to
consider hiring a consultant to assist in the preparation or the tax credit application
and/or the National Register nomination. The State Historic Preservation Office
maintains a List of Registered
Consultants working in Iowa.
A) Application
Instructions
Download
Application Instructions*
Transmittal
Sheet-Check List and Supplemental Information Guide
B)
Application Forms
For Windows (Word 97 and higher):
Download
Federal Tax Credit Application Form
Download
Federal Tax Credit Application Fee Payment by Credit Card Form
For
other platforms (Form must be completed on a typewriter)*:
Download
Federal Tax Credit Application Form
Download
Federal Tax Credit Application Fee Payment by Credit Card Form
Contact
Elizabeth (Beth) Foster Hill
Tax Incentive Programs Manager/National Register Coordinator
Department of Cultural Affairs
600 E. Locust Street
Des Moines, IA 50319-0290
(515) 281-4137
Beth.Foster@iowa.gov
More
Information
Browse the list
of Web sites to find helpful information related to tax incentives
and other information.
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