Historic Preservation Tax Credit
The Historic Preservation Tax Credit is a series of programs offered by the United States government and the State of Alabama to support the preservation and adaptive re-use of historic structures.
The federal program allows owners to claim a tax credit of up to 20% of qualifying expenses toward the rehabilitation of a National Register of Historic Places-listed properties and 10% for other pre-1936 structures for income-producing purposes. The work must be performed according to the Secretary of the Interior's Standards for Rehabilitation. The program is administered by the National Park Service and the Internal Revenue Service in partnership with the Alabama Historical Commission.
Alabama's Historic Preservation Tax Credit was instituted in 2013. It allows for a a credit of 25% of rehabilitation expenses for income-producing or residential purposes for certified historic structures, or a 10% credit for buildings constructed before 1936 which are not certified as historic. The state allows any NRHP listed building, any building identified as a contributing structure in an NRHP listed historic district, and any building which is eligible for such a listing to be certified. Qualifying projects must meet a threshold of $25,000 or 50% of the purchase price for the property to qualify, and the work must be done according to the Secretary of the Interior's Standards for Rehabilitation. Commercial project credits are capped at $5,000,000 and residential projects at $50,000. The program itself is limited to $20,000,000 in total tax credits per fiscal year. The credit can be applied over ten consecutive tax years after certification.
Federal tax credit projects
Birmingham
- A. B. Loveman residence, $600,000, completed 2010
- Allen-Kessler Building, $1,599,106, completed 2004
- Bingham residence, $250,000, completed 2005
- Birmingham Publishing Company, $822,962, completed 2002
- Burger-Phillips Building, $1,366,277, completed 2001
- Clark Buiding, $4,122,852, completed 2000
- Crawford's Auto Shop, $5,800,000, completed 2009
- Dewberry Drugs building, $495,040, completed 2005
- Drennen Building, $475,000, completed 2006
- Dr Pepper Bottling Plant, $331,666, completed 2001
- Emmanuel's Barbering Salon, $96,000, completed 2004
- John A. Hand Building, $31,505,000, completed 2005
- Fix-Play Building, $2,000,000, completed 2004
- Gilbreath Building, $533,296, completed 2005
- Goodall Brown Building, $4,001,531, completed 2004
- Havenwood Apartments, $201,200, completed 2005
- "Historic 1900 Building", $14,000, completed 2001
- "Historic 1900 Building", $17,500, completed 2001
- Kenilworth Arms, $1,900,000, completed 2004
- Lorch Bennett's Furniture Warehouse, $1,000,000, completed 2001
- Magic City Casket Building, $1,036,500, completed 2003
- Martin Biscuit Building, $5,226,226, completed 2001
- Mayberry Hardware Building, $2,733,000, completed 2005
- McCants residence, $450,000, completed 2007
- National Birmingham Garage, $146,594, completed 2004
- Nelson Manufacturing Company, $1,301,281, completed 2007
- Chamber of Commerce Building, $3,655,755, completed 2004
- Phelan Park duplex, $125,000, completed 2007
- Phoenix Building, $8,029,213, completed 2005
- Redmont Hotel, $2,460,419, completed 2006
- Rialto Theatre, $820,245, completed 2006
- S. H. Kress building, $1,020,402, completed 2001
- Stagg Company/Warren Reed Millinery, $700,000, completed 2002
- Starr Piano Company building, $350,000, completed 2001
- Taylor Carriage Company building, $775,000, completed 2007
- Transportation Building, $2,500,000, completed 2001
- Western Electric Company warehouse, $296,000, completed 2000
- Watts Building, $4,504,000, completed 2002
- Young & Vann Building, $1,966,378, completed 2008
- YWCA Building, $6,707,010, completed 2006
Bessemer
- Birmingham Electric Company Building, $175,000, completed 2000
- McAdory Block/Huey Building, $50,000, completed 2001
- Owen-Kartus-Vance residence, $35,000, completed 2001
See also
- Save America's Treasures grant program
External links
- Tax Incentives at nps.gov