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Nebraska Historic Tax Credit


The Nebraska State Historic Tax Credit (NHTC) was initiated in 2015 under the Nebraska Job Creation and Main Street Redevelopment Act.  The NHTC provides a state tax credit of up to 20% of qualified rehabilitation expenditures.  Annually, $15 million is allocated by the Nebraska Legislature on the first day of the calendar year.  Individual projects are capped at $1 million.  The availability of the NHTC has encouraged investment in historic resources in rural communities and urban cores throughout Nebraska.

The Annual Economic Impact of the Nebraska Job Creation and Mainstreet Revitalization Act. Final Report

Nebraska Historic Tax Credit New economic impact study 2015. News Release

Requirements:

  • NHTC Part 2 applications must be approved by the NeSHPO before work begins.
  • Buildings must be a historically significant real property at the time of final approval. The building must be:
    • Individually listed on the National Register.
    • A contributing resource in a historic district listed on the National Register.
    • Individually designated pursuant a landmark ordinance enacted by a political subdivision.
    • Located within a district designated pursuant a landmark ordinance enacted by a political subdivision.
  • Private single family detached residences do not qualify for the NHTC program. 
  • Project expenses must exceed $25,000. Properties in Omaha and Lincoln must exceed $25,000 or 25% of the property's assessed value. Whichever is greater.
  • All work must meet the Secretary of Interior's Standards for Rehabilitation. This will be determined by the NeSHPO during the review process.
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Before You Apply:       

Applicants apply online via the NHTC website application. Please read the NHTC online application instructions before applying. In addition, applicants are encouraged to consult early and often with the NeSHPO in the planning stages of the project.

 

Part 1 - Historic Structure Certification:

The NHTC Part 1 determines the subject property as a historically significant real property for the purpose of the program.  All online applications require a completed Part 1 application, including properties individually listed on the National Register.

  • Required Materials (except for properties individually listed on the National Register)

    • A narrative description and statement of significance.

    • Exterior photos documenting each elevation and interior photos of significant spaces. All photos must follow the digital photograph guidelines found at the application instructions.

    • A PDF photo site key which follows the digital photograph guidelines found in the application instructions.

    • A PDF map with the subject property clearly labeled.

    • A PDF of the Certified Local Ordinance designation (if applicable).

 

Part 2 - Qualified Rehabilitation Approval

The NHTC Part 2 determines if the proposed rehabilitation will meet the Secretary of the Interior's Standards, and will thus qualify for an allocation of credits.

 Upon submission of a Part 2 application, the applicant will need to pay a Part 2 application fee. This fee is 0.4% of the total credits requested, and must be paid prior to the review of a Part 2 application. The web application will auto generate an invoice upon completion of the Part 2 application. The Part 2 application is considered incomplete until the application fee is paid. Applicants can pay their application fee via credit card by calling 402.471.0090 or 402.471.6075, or by mailing in a check to Nebraska State Historical Society, PO Box 82554, Lincoln, Nebraska 68501-2554.

Once you have an approved Part 2 on file with the NeSHPO, any changes to the proposed scope of work must be submitted for approval via an amendment  before those changes are implemented.

 

  • Required Materials:

    • Narrative description of existing conditions and proposed work.

    • A set of interior and exterior photographs which follow the digital guidelines found in the application instructions

    • A PDF photo site key which follows the digital photograph guidelines found in the application instructions

    • A PDF copy of a map with the subject property clearly labeled

    • A PDF copy of architectural drawings or plans, scaled to fit on 11' x 17" paper

    • A completed cost estimate form

    • A PDF copy of the property's current property tax statement or property record card.

 

Part 3 - Completed Rehabilitation Approval

The NHTC Part 3 application determines if all the completed work on the subject property conforms to the Secretary of the Interior's Standards. The Part 3 application becomes available only after the NeSHPO approves a complete Part 2 application. The applicant must submit a complete Part 3 application within 12 months of when all approved work is complete and the subject property is placed into service. Once a Part 3 application is approved, the applicant may begin the process with the Department of Revenue to verify eligible expenses and to calculate, distribute, and use the allocated tax credits.

Upon submission of a Part 3 application, the applicant will need to pay a Part 3 application fee. This fee is 0.1% of the total credits requested. The web application will auto generate an invoice upon completion of the Part 3 application. The Part 3 application is considered incomplete until the application fee is paid. Applicants can pay their application fee via credit card by calling 402.471.0090 or 402.471.6075, or by mailing in a check to Nebraska State Historical Society, PO Box 82554, Lincoln, Nebraska 68501-2554.

After the NeSHPO has reviewed and approved the NHTC Part 3, the Nebraska Department of Revenue (NDR) will review and certify the project expenses. The applicant will have to submit a Part 4 and Part 5 application along with a Schedule I and II to NDR.

Frequently Asked Questions:

How long does it take the NeSHPO to review an application?
The NeSHPO has two levels of review for each application process. First, the NeSHPO has 21 calendar days to review for completeness. That means, we have all the necessary materials in order to make a formal review. Once the application is deemed complete, the NeSHPO has 30 calendar days to fully review the application against the Secretary of Interior's Standards for Rehabilitation. Should it be necessary to request clarification or additional information from the applicant, the clock would stop at that point and be started again once adequate information is supplied for review.


Can I request more money if my project costs increase?
Once an allocation of a credit has occurred after the approval of a NHTC Part 2 application, an applicant can potentially receive 10% of the increased qualified rehabilitation expenditures.

Can a non-profit apply for the NHTC program?
Yes. A certified 501(c)(3) can apply.

Can I sell the NHTC?
Yes. Non-profits can potentially sell 100% of the credit while all others can only sell 50% of the credit.

Do I have to hire an architect, engineer or consultant?
According to the legislation creating the NHTC, "the application shall include plans and specifications, an estimate of cost of the project prepared by a licensed architect, licensed engineer or licensed contractor." Architectural fees are qualified rehabilitation expenditures and can be claimed on your NHTC. For a list of architects and consultants, please view our consultants list.
Link:

How much time do I have to complete a project?
You have 24 months to start substantial work on your NHTC project. If work does not start, your allocated credit will return to the credit pool.


For further information regarding the NHTC, please contact;

Ryan Reed
Tax Credit Coordinator
Nebraska State Historic Preservation Office
402-471-4788
ryan.reed@nebraska.gov

 

General Info

NHTC Online App Instructions

Forms

NHTC Amendment Application

 

Application Checklists*

NHTC Federal Tax Application Checklist

NHTC Federal Tax VIP Application Checklist

NHTC VIP Application Checklist

 

* Download fillable PDF applications
These forms work best with Adobe Acrobat Reader 10 and above.

READ THESE INSTRUCTIONS

  1. 1.  DO NOT open the forms in a browser tab or window.
  2. 2.  DOWNLOAD the forms and SAVE them to your computer. To download and save,
  3.      right click on the link and choose "Save Link As..."
  4. 3.  Open the forms in Adobe Acrobat Reader.

Links

Nebraska Department of Revenue

 

 



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Last updated 30 August 2016

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