Historic Redevelopment Tax Credits

Historic redevelopment tax credits and incentives encourage people to restore historic, sometimes dilapidated buildings into useful residential and commercial properties that preserve the building’s original architectural qualities. Myers Law Group [link to about] is experienced in advising clients on the benefits of historic redevelopment tax credits and can guide you through the application process.

You can expect personalized attention from our team with consistent communication through each step of completing your application. We work to ensure you’re receiving the maximum possible tax credit for your historic redevelopment project, and we’re dedicated to helping you reach your goals.

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Types of Historic Redevelopment Tax Credits

There are many different circumstances and tax incentives for Historic Redevelopment, but some incentives offered by the Georgia Department of Natural Resources Historic Preservation Division include the following:

  • Owner-Occupied Residence (Residential)
    • 25% tax credit for qualified expenses, capped at $100,000
    • Property tax assessment freeze for more than 8 years
  • Income-Producing Property (Commercial)
    • 20% tax credit on qualified expenses on federal income tax (no cap)
    • 25% tax credit of qualified rehab expenses on state income tax, capped at $300,000, $5 million, or $10 million
    • Property tax assessment freeze for more than 8 years

Frequently Asked Questions

How do I know if my property is eligible for historic redevelopment tax credits and incentives?

To be eligible for historic redevelopment tax credits, your property must be certified and you must follow the government’s specific set of standards for rehabilitation work. Our team at Myers Law Group can help you determine if your property is eligible for historic preservation or redevelopment tax credits.

Who evaluates the rehabilitation work?

All work that’s completed with the intention of receiving historic redevelopment tax incentives will be evaluated by state inspectors. During the evaluation, the inspector will determine if the construction meets the Secretary of the Interiors Standards for Rehabilitation.

Why do I need an attorney to review my application?

Historic redevelopment tax credits can significantly reduce the cost of revamping your residential or commercial property. It’s important to make sure an experienced attorney, like the team at Myers Law Group, reviews your application before submission to ensure you receive the maximum tax incentives you’re entitled to.