State Historic Rehabilitation Tax Credit
Historic Tax Credits are very popular state tax credits that were enacted as an investment tax credit to redevelop or repurpose closed and/or non-operational buildings. Some states offer Abandoned Mill and/or Textile Revitalization Tax Credits which are similar in nature and purpose. Credit characteristics vary by state but often include:
- Limited to no recapture provisions.
- One-year credits or allocated as one-year credits from multi-credit streams.
- Excess credits carry forward generally for five years.
- Applicable against income tax and insurance gross premiums tax.