PRESERVATION TAX CREDITS
The Federal Historic Preservation Tax Incentives program encourages private sector rehabilitation of historic buildings. The Preservation Tax Incentives reward private investment in rehabilitating historic properties such as offices, rental housing, and retail stores. The two credits are mutually exclusive. Which credit applies depends on the building-not on the owner's preference. For both credits, the rehabilitation must be a substantial one and must involve a depreciable building. A tax credit lowers the amount of tax owed. In general, a dollar of tax credit reduces the amount of income tax owed by one dollar.
The 20% rehabilitation tax credit equals 20% of the amount spent in a certified rehabilitation of a certified historic structure . The 20% rehabilitation tax credit applies to any project that the Secretary of the Interior designates a certified rehabilitation of a certified historic structure . The 20% credit is available for properties rehabilitated for commercial, industrial, agricultural, or rental residential purposes, but it is not available for properties used exclusively as the owner's private residence.
The 10% rehabilitation tax credit equals 10% of the amount spent to rehabilitate a non-historic building built before 1936. The 10% rehabilitation tax credit applies only to non-historic buildings first placed in service before 1936 and rehabilitated for non-residential uses. The 20% rehabilitation tax credit applies only to certified historic structures, and may include buildings built after 1936.
The program is administered by the National Park Service and the Internal Revenue Service in partnership with State Historic Preservaiton Offices. More information can be found at http://www.nps.gov/history/hps/tps/tax/brochure1.htm
Historic P roperties in Hillsborough that are eligible for the national historic register are the Deacon Tristam Sawyer House (2 Bible Hill Rd), Charles D. Robbins House (365 W. Main St), William Whittle House (117 Preston St), Daniel Merrill Farm (339 Old Henniker Rd), Alvah Merrill-George Wood Farm (366 Old Henniker Rd), George Grinnell House (137 Henniker St), Martha Lovering Block (5 Depot St), Post Office Block (2-6 Bridge St), Rumrill Block (17 W. Main St), Marcy Block (8 W. Main St), Smith Memorial Congregational Church (30 W. Main St), Parkhurst-Appleton House (40 W. Main St), W.H. Harmon House (50 W. Main St), Dutton Houses (60-66 W. Main St), Rumrill Homestead (96 W. Main St), Samuel K. Martin House (97-107 W. Main St), Dascomb Tavern (127-129 W. MainSt), J.W. Chadwick House (175 W. Main St), Bessie Gladding House (201 W. Main St), Sawyer "Twin" Bridge (off RT 202), Pierce/McNeil-Elijah Read House (289 @nd NH Tpk), Franklin Pierce Homestead (2 nd NH Tpk).
