What is it? Since
1976 the Internal Revenue Code has contained provisions offering
tax credits and favorable tax treatments for historic buildings
rehabilitated for income-producing purposes. The historic preservation
tax incentives have been successfully used throughout the state,
promoting the reuse of historic buildings and stimulating private
investment in older areas of Nebraska communities. The State
Historic Preservation Office promotes these incentives by providing
assistance to property owners in qualifying projects under this
program
What buildings are eligible? Current federal law establishes a tax credit for
the rehabilitation of historic buildings for commercial, industrial,
and rental residential purposes.
What does the Federal Tax Incentive
Program do? Developers who rehabilitate
historic buildings can claim a percent of the qualified rehabilitation
costs in the form of a federal income tax credit, a dollar-for-dollar
tax savings. Provisions of the current tax law are found in the
Internal Revenue Code.
More Information
Tax
Incentive Projects in Nebraska
Read more about individual projects in Nebraska completed under
the Federal Tax Incentive Program. Historic name(s) of the property
are listed first. When appropriate, the new name given the property
after the rehabilitation will follow in parenthesis. It should
be noted, however, the new name may change without the knowledge
of the State Historic Preservation Office. The number of housing
units, either created or preserved, is indicated in italics.
How
to Apply for the Program
Learn
how the Nebraska State Historic Preservation Office is involved
Read about
why the Federal Tax Incentive Program important to Nebraska
Visit the National Park Service
Website about the Federal Tax Incentive Program
Download the National Park Service Brochure
on the Federal Tax Incentive Program (pdf)
