Historic Preservation Tax Credit: Difference between revisions
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===Bessemer=== | ===Bessemer=== | ||
{| class="sortable" border="0" | |||
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! Structure !! Amount requested or approved !! Year completed | |||
|- | |||
| [[Redmont Hotel]] || $2,500,000 || [[2016]] | |||
|- | |||
| [[Florentine Building]] || $1,025,538 || [[2015]] | |||
|- | |||
| [[Pizitz Building]] || $5,000,000 || [[2016]] | |||
|- | |||
| [[Thomas Jefferson Hotel]] || $5,000,000 || [[2016]] | |||
|- | |||
| [[Birmingham Fire Station No. 10]] || $75,000 || [[2016]] | |||
|- | |||
| [[Empire Building]] || $5,000,000 || [[2016]] | |||
|- | |||
| [[First Federal Savings and Loan Building ]] || $1,362,500 || [[2016]] | |||
|- | |||
| [[Empire Parking Garage]] || $62,200 || [[2016]] | |||
|- | |||
| [[Iron Age Building]] || $187,500 || [[2016]] | |||
|- | |||
| [[Mack Truck Garage]] || $281,250 || [[2016]] | |||
|- | |||
| [[Brown-Marx Building]] || $5,000,000 || [[2016]] | |||
|- | |||
| [[Shepherd-Sloss Building]] || $270,688 || [[2016]] | |||
|- | |||
| [[Lyric Theatre]] || $2,435,000 granted ($393,750 more requested) || [[2016]] | |||
|- | |||
| [[Cain Furniture Co.]] || $1,662,500 || [[2016]] | |||
|- | |||
| [[Powell School]] || $1,282,179 || [[2016]] | |||
|- | |||
| [[Birmingham Branch of the Federal Reserve Bank of Atlanta]] || $5,000,000 || [[2016]] | |||
|- | |||
| [[Orlando Apartments]] || $40,000 requested || [[2016]] | |||
|} | |||
==Alabama Historic Rehabilitation Tax Credit projects== | |||
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==See also== | ==See also== | ||
* [[Save America's Treasures]] grant program | * [[Save America's Treasures]] grant program | ||
==References== | |||
* Diel, Stan (October 15, 2015) "Status of Historic Preservation Tax Credits for Projects Across Alabama." ''BirminghamWatch'' | |||
==External links== | ==External links== |
Revision as of 18:00, 15 January 2016
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
Bessemer
Structure | Amount requested or approved | Year completed |
---|---|---|
Redmont Hotel | $2,500,000 | 2016 |
Florentine Building | $1,025,538 | 2015 |
Pizitz Building | $5,000,000 | 2016 |
Thomas Jefferson Hotel | $5,000,000 | 2016 |
Birmingham Fire Station No. 10 | $75,000 | 2016 |
Empire Building | $5,000,000 | 2016 |
First Federal Savings and Loan Building | $1,362,500 | 2016 |
Empire Parking Garage | $62,200 | 2016 |
Iron Age Building | $187,500 | 2016 |
Mack Truck Garage | $281,250 | 2016 |
Brown-Marx Building | $5,000,000 | 2016 |
Shepherd-Sloss Building | $270,688 | 2016 |
Lyric Theatre | $2,435,000 granted ($393,750 more requested) | 2016 |
Cain Furniture Co. | $1,662,500 | 2016 |
Powell School | $1,282,179 | 2016 |
Birmingham Branch of the Federal Reserve Bank of Atlanta | $5,000,000 | 2016 |
Orlando Apartments | $40,000 requested | 2016 |
Alabama Historic Rehabilitation Tax Credit projects
Structure | Project cost | Year completed |
---|---|---|
Birmingham Electric Company Building | $175,000 | 2000 |
McAdory Block/Huey Building | $50,000 | 2001 |
Owen-Kartus-Vance residence | $35,000 | 2001 |
See also
- Save America's Treasures grant program
References
- Diel, Stan (October 15, 2015) "Status of Historic Preservation Tax Credits for Projects Across Alabama." BirminghamWatch
External links
- Tax Incentives at nps.gov