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Funding, Tax Incentives, Grants & Awards for Preservation Projects     


Funding, Tax Incentives, Grants & Awards for Preservation Projects
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Colorado’s Historic Preservation Tax Credit Program Seeks Extension
Historic Preservation Blog from PreservationDirectory.com - historic preservation tax credit, Colorado Preservation
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Email The Author: pr@nthp.org
Website: http://www.nthp.org

In their January 24th meeting, the House Finance committee heard testimony from six advocates about the benefits of the historic preservation tax credit (HB08-1033). This legislation would extend the current historic preservation tax credit program to 2020 and eliminate the current requirement that Certified Local Governments (CLGs) take action annually to indicate their desire to serve as the reviewing entity. The current State Income Tax Credit is 20% of qualified rehabilitation costs up to a maximum of $50,000 credit per qualified property. In any given year, the maximum credit is the amount of your tax liability for the year; any excess credit may be carried forward for a maximum of 10 years. If a property owner takes the credit and then sells the property within five years, there is a mechanism for pay back of all or a portion of the credit to the Department of Revenue.

During the Finance Committee hearing, Representative Claire Levy (D-13th), the sponsor of the bill, described how the 20% credit for income-producing and homeowner properties is used for modest projects (per project cap of $50,000). Representative Joel Judd (D-5th), Chairman of the Finance Committee, decided that the amendments and action would be postponed until they had a chance to look into the fiscal note further. The tax credit program is due to sunset in 2009.

To learn more about the bill, download Preservation Colorado’s fact sheet at http://www.coloradopreservation.org/policy/index.html


Keywords: historic preservation tax credit, Colorado Preservation

Posted: January 28, 2008
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