Some folks have asked is there any incentives to making repairs to historic district homes. This was pulled directly from the Cradock Historic District Design Guidelines. PLANNING YOUR PRESERVATION PROJECT H. Federal, State and Local Incentives 1. Rehabilitation Tax Credits If you are undertaking a major rehabilitation of a historic building in either a Virginia Landmark or National Register Historic District, you may be eligible for certain tax credits. These credits may be used to reduce your income tax liability dollar-for-dollar. To be eligible for the tax credits under either the state or federal program, you must file an application with the Virginia Department of Historic Resources (VDHR) before the work begins and follow the Secretary of the Interior’s Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings found in Chapter II, Section E. VDHR reviews your entire project including proposed changes to the exterior and interior as well as the design of any additions. Qualifying project expenses under both the state and federal programs include most approved work related to the rehabilitation of the building and associated architectural, engineering, project management and developer fees. Additions and other new construction are not eligible expenses. Both programs also require that the project be completed within two years, unless it is pre-approved as a phased project with a timeline of five years or less. In addition to receiving approval from the state and/or federal programs, it is still necessary to follow the process for local review as covered in Section B of this chapter.
Posted on: Sun, 04 Jan 2015 02:20:13 +0000
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