Free Tax Credits Workshop
June 3, 2010 |
While free, pre-registration is required. Registrants may attend either session or both. A request for AIA credits is pending. To receive these credits, architects must attend both the Commercial and Residential sessions. About Commercial Rehabilitation Tax Credits:
Starting in 2010, New York State now offers tax credits for commercial properties that can be used in conjunction with the federal tax credit for the substantial rehabilitation of historic properties. Owners of income producing properties listed on the National Register of Historic Places may be eligible for a 20% federal income tax credit and possibly for an additional 20% New York State credit. The work performed (both interior and exterior) must meet the Secretary of the Interior's Standards for Rehabilitation. Owners of income producing properties that have been approved to receive this federal credit automatically qualify for the additional state tax credit if the property is located in an eligible census tract. Rehabilitation expenditures up to $5,000,000 can qualify for the state credit.
About Homeowner Tax Credits:
While there is no federal credit for owner-occupied structures, New York State now has a credit homeowners can use to cover 20% of qualified rehabilitation costs, up to a credit value of $50,000. Houses must be individually listed on the State or National Register of Historic Places, or be a contributing building in a historic district that is listed on the state or National Register of Historic Places. In addition, the house needs to be located in an eligible census tract. At least $5,000 must be expended on qualifying work and at least 5% of the total project must be spent on the exterior of the building. All work must be approved by the State Historic Preservation Office (SHPO) prior to start of construction. Speakers are from the State Historic Preservation Office:
Daniel McEneny, Elizabeth Martin and Sloane Bullough. Additional speakers: Andrea Rebeck with PBN/National Trust, Michele Brozek-Knoll, City of Buffalo Senior Preservation Planner and Steve Weiss, Attorney with Cannon, Heyman & Weiss. Our co-sponsor and host for both sessions is the Buffalo & Erie County Historical Society.
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Website:
www.bechs.org |
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| Location Information |
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Buffalo and Erie County Historical Society |
25 Nottingham Court
Buffalo, NY 14216 |
| Website:
www.bechs.org |
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| Contact Information |
| Email:
bechspr@bechs.org |
| Phone:
716-873-9644 |
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