Last week, I listed ten compelling benefits of historic preservation and promised to elaborate on the last one ("Historic restoration really pays"). If nothing else motivates you to preserve our architectural treasures, monetary and financial incentives should! I mean, you're essentially getting paid to do something with at least nine other non-monetary benefits. How can you lose??
So, back to the money topic. State and Federal agencies offer tax credits, special assessments, and even grants for those looking to rehabilitate or restore historic properties. For example, the Georgia Department of Revenue gives preferential tax assessments to rehabilitated historic properties and historic landmarks. Find out if your property is eligible here.
Georgia also offers state income tax credits for the rehabilitation costs themselves--the credit is equivalent to 25% of rehab costs up to $100,000 on a personal residence or up to $300,000 on an income property. Read the requirements here. The Federal Rehabilitation Investment Tax Credit Program (RITC) allows for a similar credit of 20% of rehab costs.
The Historic Preservation Division of the Georgia Department of Natural Resources provides an excellent guide to financial incentives for historic preservation of properties in Georgia. Click the links below to read more about:
Some bonus links for history and architectural buffs:
- If historic preservation is as important to you as it is to me, check out the Atlanta Preservation Center website.
- You might also be interested in the National Register of Historic Places' travel itinerary for Atlanta.