More Info for Workshop

See previous post for more information on the Workshop planned for Wednesday October 26th, 11am to 4pm. To register call 941-0018 or email jane@developna.org

Please note that the DHPA website (http://www.in.gov/dnr/historic/index.html) does a far better job of documenting tax credits and incentives. This information is being provided merely as a primer for the Workshop. *The source documentation for all the below information is the DHPA website*.

Income tax credits – Income Producing Properties:
The federal government and state of Indiana offer a Rehabilitation Investment Tax Credit (RITC) equaling 20% of rehabilitation costs for qualified work on properties that are certified historic buildings. As noted previously, the 3 buildings that are part of the workshop are listed on the National Register of Historic Places and are “certified historic buildings”.

A net subsidy equaling 40% of qualified rehabilitation costs may be yielded by participation in federal and state programs. Eligible properties include commercial buildings, factories, or even old houses but they must be income producing, such as rental properties.

For more information: http://www.in.gov/dnr/historic/commtaxcredits.html

Qualified Rehabilitation:
In order to qualify for the RITC all work must meet the Secretary of Interior’s Standards for the Treatment of Historic Properties. Plans must be pre-approved by DHPA and a final inspection is required to verify that work is completed in compliance with the approved plans.

For more information: http://www.in.gov/dnr/historic/standards.html

The Application Process:
Applications should be obtained from the DHPA. Applications for the federal RITC are also available on-line at http://www.cr.nps.gov/hps/tps/tax/hpcappl.htm

Tax credits are a powerful tool for revitalization and I look forward to learning more about these and additional incentives at the Wednesday workshop.