December 12, 2011 |
2011-R-0451 | |
TAX CREDITS FOR PRESERVING HISTORIC GOVERNMENT PROPERTY | ||
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By: John Rappa, Chief Analyst | ||
You asked us to summarize the statutes authorizing tax credits for preserving historic homes and business property.
Table 1 below summarizes the statutes.
Table 1: Tax Credits for Preserving Historical Property
Program |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Historic Homes Rehabilitation Tax Credit (CGS § 10-416 as amended by PA 11-48) |
● Insurance Premium ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna ● Utility Companies |
● Qualified rehabilitation expenditure must exceed $25,000 ● Businesses contributing funds towards the rehabilitation qualify for credits if the individual or nonprofit organization that did the work designated them for the credits |
● Total credits capped at $3 million per year ● 30% of eligible construction costs, up to $30,000 per dwelling unit ● Unused credits may be carried forward up to five years |
Converting Historic Business Property to Residential Uses (CGS § 10-416a as amended by PA 11-48) |
● Insurance Premium ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna ● Utility Companies |
Historic commercial, industrial, cultural, institutional, mixed residential and nonresidential, former governmental property and residential buildings with five or more units listed on the national or state Register of Historic Places or located in an historic district on the national or state register |
● Total credits capped at $15 million per year ● 25% of qualified rehabilitation expenditures, up to $2.7 million ● Unused credits may be carried forward for up to five years |
Rehabilitating Historic Business Property for Mixed Residential and Commercial Use (CGS § 10-416b, as amended by PA 11-48) |
● Insurance Premium ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna ● Utility Companies |
Historic commercial, industrial, cultural, institutional, mixed residential and nonresidential, former governmental property listed on the national or state Register of Historic Places or located in an historic district on the national or state register |
● Total credits capped at $50 million per three-year cycle, beginning with FY 09-12 ● 25% of qualified rehabilitation expenditures; 30% if project includes units affordable to low- and moderate-income people ● No project can receive more than 10% of credits available for the three-year cycle ● Unused credits may be carried forward up to five years |
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