Historic Rehabilitation Tax Credit Applications

It’s a fact. You may be eligible to receive funding assistance for rehabilitated historic and low-and moderate-income rental properties through grants and local, state, and federal tax incentives. Incentives vary by program but include Homeowner, Income-Producing, Local Property Tax, and Easements, each catalyzing revitalization.

In South Carolina, for example, the Bailey Bill is one of several property tax incentives allowing local governments to lock in a particular tax assessment based on a property’s fair market value as it stood before rehabilitation for no more than 20 years. During this time, the property owner’s local property tax payments do not factor in any increases in value because of eligible renovations.

Revitalize Designs was the first business to receive Bailey Bill incentives for our work in Darlington County. Our first-hand experience helps clients identify opportunities and present them to local architectural review boards for approval.

For Income-Producing historic buildings, owners and lessees of the historic buildings used to produce income may be eligible for a federal income tax credit equal to 20% of their rehabilitation costs.

Because federal and state tax laws change frequently, we monitor changes to the controlling laws to ensure accuracy and efficiency, ensuring all details are accounted for.