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Rehabilitation Tax Credits

Federal and State Rehabilitation Tax Credits

Please note: For folks completing tax-credit projects, the Part 3 application "Request for Certification of Completed Work" must be filed within one year of the completion date for the project. 

The preservation of historic buildings benefits communities. Historic places connect us to our heritage and enrich the quality of our lives in countless intangible ways, but their preservation also provides demonstrable economic benefits. Through the federal and state Rehabilitation Tax Credit programs, property owners are given substantial incentives for private investment in preservation, resulting in enormous advantages to the public. Since the state program's inception in 1997, the program has spurred private investment of approximately $1.5 billion in the rehabilitation of more than 1,200 landmark buildings. This investment in turn has generated an economic impact of nearly $1.6 billion in the Commonwealth and created more than 10,700 jobs and $444 million in associated wages and salaries (for more information, see this January 2008 publication Prosperity through Preservation). This money represents costs paid into the construction industry for architects, contractors, craftsmen, and suppliers, with a corresponding increase in local employment. The capital improvement to the buildings results in dramatic increases in local property taxes, as well as a general enhancement in commercial activity. The rehabilitated buildings provide desperately needed housing (in many cases, low- and moderate-income housing), and office, retail, and other commercial space. The communities benefit from property improvement, blight removal, and increased occupancy of buildings in historic core neighborhoods.

Both the federal and state tax credit programs are administered in Virginia through the Department of Historic Resources.

State tax credits are available for owner-occupied, as well as income-producing buildings. If your property is income-producing, you may also be able to take advantage of the federal tax credits. For more information about the state tax credits, please read the additional pages on this Web site. Also, information and assistance with tax-credit projects may be requested from the Richmond office or from the regional office in your area:

Capital         Ann Andrus         (804) 367-2323
Tidewater    Pam Schenian      (757) 886-2818 
Roanoke     Michael Pulice     (540) 857-7586
Northern     David Edwards    (540) 868-7030