The Federal Historic Tax Credit may be able to help!
Utilizing the federal HTC is essentially a three-step process governed by regulations and procedures of the National Park Service (NPS) and the Internal Revenue Service (IRS):- QUALIFYING: The owner determines whether the project will qualify for the 10 percent or the 20 percent tax credit based on IRS and NPS qualification criteria;
- EARNING: The owner follows the procedure established by the NPS to earn the credits;
- REDEEMING: The owner consults IRS regulations to determine his/her ability to redeem the credits earned as a credit against federal tax liability.
- Does my project qualify for the 10 percent historic tax credit or the 20 percent historic tax credit?
- Does my planned rehabilitation satisfy the qualification criteria established by the IRS and NPS?
- How much of my earned credit will the IRS regulations allow me to redeem?
- Can I “sell” my credits to investors who can apply them to reduce their federal tax liability?
borrowed from
http://ntcic.webfactional.com/tax-credit-basics/historic-tax-credit-guide/