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WMF Offers Historic Tax Credit Presentation

On June 11th, Heather Rudge (Historic Preservationist) of Weber Murphy Fox and Melissa Ferchill (MCM Company) presented a program on utilizing tax credits to rehabilitate historic buildings. The program focused on the Federal Rehabilitation Tax Credit program, which is available for historic, and non-historic buildings, if the buildings are used in a trade or business or held for the production of income. Information on the new Pennsylvania Historic Tax Credit program, New Market Tax Credits, Low-Income Housing Tax Credits, and Energy Tax Credits was provided. Attendees also learned about rehabilitation tax credit program guidelines and eligibility, the tax credit process, and assembling a successful tax credit team. Specific Erie case studies were used to illustrate tax credit opportunities and ownership structures.

 

The goal of the rehabilitation tax credit is not to preserve buildings as museums, but to put them back to use to meet housing, retail, commercial, and industrial needs. By rehabilitating directly or investing in the rehabilitation of eligible buildings, taxpayers can take advantage of a two-tier tax credit. The federal income tax credit is equal to 20 percent of the cost of rehabilitating historic buildings or 10 percent of the cost of rehabilitating non-historic, non-residential buildings constructed before 1936.

 

Tax credits are one of the most valuable tools for saving historic buildings and making projects economically feasible, often spurring other private and civic investment that together revitalizes neighborhoods and communities.

 

WMF provides expertise in the development, design, management, and delivery of Federal and State historic tax credits to property owners for the rehabilitation of historic buildings. With emphasis on the reuse, rehabilitation and expansion of existing buildings, WMF has a history of working closely with clients to help turn historic buildings into project financing assets.

 

Please click here to view a PDF version of the Presentation Slides.