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
Certification
and the Nebraska State Historic Preservation Office
Federal
Tax Incentive Program in Nebraska
National Park Service Website - Federal Tax Incentive Program
National Park Service Brochure on the
Federal Tax Incentive Program
(pdf)
