To be eligible for the 25% State Tax Credit:
- The work is carried out on a building which has been determined to be a Qualified Residence
- The building is rehabilitated according to the Secretary of the Interior’s Standards for Rehabilitation
- The costs of the rehabilitation exceed ten thousand dollars ($10,000)
- The rehabilitated building is the owner’s primary residence
- The work is primarily rehabilitation and not remodeling
The Credit There is a 25% credit for qualifying buildings. If, however, the building is determined to be vacant and blighted, the credit award is increased to 50%. Tax Credits awarded by the state will not exceed $10 million in any calendar year. Credits will be granted on a first-come, first-served basis. The credits will be awarded when the project is completed. Only one State Residential Historic Rehabilitation Tax Credit is allowed per building.
- A contributing element to a Cultural District
- A contributing element to a National Register District
- A contributing element to a locally designated historic district
- A contributing element to a Main Street District
- A contributing element to a Downtown Development District
- A residential structure that has been listed or that is eligible for listing on the National Register of Historic Places
- A vacant and blighted building at least 50 years old.
Vacant and Blighted Properties A building is considered vacant and blighted if it has been unoccupied for six months, and if at least one of the following conditions exists:
- The building conditions pose a danger to the community
- The building is not being properly maintained
- The building is becoming dilapidated
- The building is attracting illegal activity
- The building is a fire hazard
- The building is a factor in depreciating property values in the neighborhood due to its poorly maintained state.
Please contact the CRT tax incentive program staff at (225) 342-8160 for additional information and eligibility requirements.