Commonwealth Preservation Group

Tax Credits

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State tax credits are available for owner occupied and income producing properties that are listed individually on the National Register and Virginia Landmarks Register, or are located in, and contributing to, districts listed on those registers.

The state program awards a 25% tax credit for all hard costs and most soft costs related to the renovation of an eligible historic building. The three part application is reviewed by the Virginia Department of Historic Resources and/or National Park Service for its compliance with the Secretary of the Interior’s Standards, which are philosophical guidelines for the treatment of historic buildings.

Interpretation of the Standards is largely based on precedent; interpreting the precedent and completing the necessary paperwork is the key service CPG offers to clients when consulting on historic rehabilitation tax credit projects. There are also federal tax benefits for income producing properties, which can result in an additional 20% tax credit for all hard and most soft costs related to the renovation of an eligible historic building. The federal application and review process is very similar to the state process. CPG advises architects on acceptable and unacceptable approaches to tax credit rehabilitation projects, thus streamlining the design and application process for clients.