The Historic Rehabilitation Tax Credit - A Mighty Advocate of Sustaining the Architectural Treasures of Our Past

Codified in Section 47 of the Internal Revenue Code and administered by the National Park Service, the federal Historic Rehabilitation Tax Credit (the "HTC") is a dollar-for-dollar tax credit, enacted in 1976 to rehabilitate historic structures throughout the United States. The HTC provides a 20% credit on a project's qualified rehabilitation expenditures. A job creator, champion of sustainability, and ally of affordable housing construction, the HTC has led to the revitalization of communities throughout the United States. This program will give an overview of the HTC and what qualifies as a qualified rehabilitation expenditure, walk through an example structure, and discuss how the HTC may be used in conjunction with several other federal and state incentives. The program will benefit attorneys of all fields, but tax and real estate attorneys may find it especially advantageous.

Learning objectives:

1. Identify which projects may qualify as HTC-eligible
2. Break down which expenses are eligible for HTC
3. Prepare the materials required for the NPS application process
4. Analyze other types of federal and state incentives that will work alongside the HTC