Historic Tax Credit Application: Parts I and II of a historic tax credit application prepared by reNew Design Studio.If your project is a contributing structure in a designated historic district, your home renovation project may qualify for state historic tax credits of up to 25% of the cost of qualifying work. On a major renovation project, this tax credit can be quite substantial, and it is refundable. This means that if your state tax liability is less than the credit, the difference is refunded to you.
In general, the renovation must meet the criteria established in the Secretary of the Interior's Standards for Historic Rehabilitation. If you are exploring historic tax credits as a means of helping pay for your renovation, the work you perform must meet those criteria. It helps to work with someone who knows the ins and outs of the process.
The tax credit application is not rocket science, but it does require significant effort and may prove frustrating for people who are unfamiliar with the requirements and the language on the forms. Of course, it is also necessary for the contractor to understand the requirements and to perform the work accordingly.
reNew Design Studio can prepare the state historic preservation tax credit application for you and provide project consultation during construction to answer questions and help make sure that the work is performed in accordance with the application.
