ACHP Chairman Aimee Jorjani says new IRS COVID-19 taxpayer relief will help historic preservation projects throughout the country. Today, the IRS extended the deadline by almost a year for satisfying the substantial rehabilitation test for claiming the Historic Tax Credit for rehabilitation of historic income-producing properties.
The National Park Service issued its FY 2017 annual report on the federal historic tax incentives program. Commonly known as the Historic Tax Credit, the program provides a 20 percent federal tax credit for rehabilitation of historic buildings for business or income-producing uses. According to the report, FY 2017 saw more than $5.8 billion in private investment in historic preservation and community revitalization due to the Historic Tax Credit and the creation of almost 107,000 jobs.
