State and Federal Tax Credits

Owners of historic properties who are considering renovation projects are encouraged to investigate the federal and state rehabilitation income tax credits. Historic properties located in local and National Register historic districts, as well as properties listed or eligible for listing in the National Register, are eligible for the tax credits. A federal income tax credit of 20 percent is available for the qualifying rehabilitation of income-producing historic properties. North Carolina also authorizes a 20 percent credit for those taxpayers who receive the federal credit, providing investors with a combined 40 percent credit against eligible project costs. In addition, the state provides a 30 percent credit for the rehabilitation of non-income-producing historic properties, including private residences.

Work is reviewed by the State Historic Preservation Office and must comply with the Secretary of the Interior's Standards for Rehabilitation. This set of criteria, adopted as the national model for appropriate restoration and rehabilitation of historic resources, has helped guide multiple restorations in Greensboro.

For more information on Federal and State Historic Preservation Tax credits, contact the State Historic Preservation Office in Raleigh at 919-733-6547.