![]() ![]() No project can receive more than $3 million in Illinois Historic Preservation Tax Credits. Each project that qualifies can apply for 25% of its qualifying rehabilitation expenditures (QREs) up to a total of $3 million in state income tax credits. This a competitive, dollar-for-dollar state income tax credit, equal to 25% of the qualified construction costs and expenses, must be coupled with the 20% Federal Historic Tax Credit. 25% State Historic Tax CreditĪ 25% State Historic Tax Credit is available for rehabilitating a historic building to an income-producing use. The program is administered by the Illinois State Historic Preservation Office and National Park Service. The building must be listed on the National Register of Historic Places before the project is completed. Because someone will be buying this building and then working on it, there will be no prior improvements). ![]() To qualify for the credit, rehabilitation costs must exceed the building’s “adjusted basis” – that is, the purchase price minus the land cost and depreciation, (prior improvements by the current owner. This dollar-for-dollar federal income tax credit, equal to 20% of the qualified construction costs and expenses, may be used by the building owner or syndicated to a tax-credit investor. 20% Federal Historic Tax CreditĪ 20% Federal Historic Tax Credit is available for rehabilitating a historic building to an income-producing use. ![]() The building must be owner-occupied (single family home, condominium, cooperative unit, or multi-family building up to 6 units) and a certified historic structure. There is a minimum investment of 25% the property’s market value, as determined by the County Assessor. The Property Tax Assessment Freeze for Historic Residences freezes property taxes over a 12-year period after rehabilitation of the property. HISTORIC PRESERVATION INCENTIVES FOR RESIDENTIAL PROPERTIES Property Tax Assessment Freeze for Historic Residences ![]()
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