Arks
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- Joined
- May 22, 2010
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I just have to crow that I "made" over $400,000 yesterday!
I'm well into the rehabilitation of a 1902 building in our town's national commercial historic district (putting in vacation rental apartments), and was notified yesterday that the National Park Service has approved my project for federal and state tax credits that will pay 45% of the cost of my project!
So, I just wanted to mention this in case some don't know such credits are available (talking USA here). If you own a historic (meaning old) structure that's either on the National Register or within a national historic district, all money you spend to rehabilitate your old building may be eligible for a 20% federal tax credit. Here in Arkansas there's also a 25% tax credit available on state income taxes. In my case, these credits amount to 45% of the cost of my project being paid by the government!
And these credits can be spread over 20 years, if necessary, to use them up, meaning if your credit is big enough, you will pay NO income tax for the next 20 years! In Arkansas, the credits can even be sold. I've already heard from 2 banks in St. Louis, wanting to buy my state tax credits at 90 cents on the dollar.
I know the program inside-out since I've been working on this over 2 years now, so if anybody has any questions, I may be able to help.
I'm well into the rehabilitation of a 1902 building in our town's national commercial historic district (putting in vacation rental apartments), and was notified yesterday that the National Park Service has approved my project for federal and state tax credits that will pay 45% of the cost of my project!
So, I just wanted to mention this in case some don't know such credits are available (talking USA here). If you own a historic (meaning old) structure that's either on the National Register or within a national historic district, all money you spend to rehabilitate your old building may be eligible for a 20% federal tax credit. Here in Arkansas there's also a 25% tax credit available on state income taxes. In my case, these credits amount to 45% of the cost of my project being paid by the government!
And these credits can be spread over 20 years, if necessary, to use them up, meaning if your credit is big enough, you will pay NO income tax for the next 20 years! In Arkansas, the credits can even be sold. I've already heard from 2 banks in St. Louis, wanting to buy my state tax credits at 90 cents on the dollar.
I know the program inside-out since I've been working on this over 2 years now, so if anybody has any questions, I may be able to help.