Federal Tax Incentives for Rehabilitating Historic Buildings to be Topic at Informational Session April 28th

April 15, 2016

Greeneville, TN. Mr. Louis Jackson, Historic Preservation Specialist (Investment Tax Credits) with the Tennessee Historical Commission will present information concerning income tax credits available to building owners undertaking substantial rehabilitation of historic buildings. Interested persons are invited to attend at no charge. The session will begin at 10:00 a.m. and end at 11:30 a.m. on April 28, 2016 at the General Morgan Inn & Conference Center, 111 North Main Street in Greeneville, Tennessee.

Over the past twenty-five years, more than 29,000 buildings have been rehabilitated across the country, generating over $25 billion in private investment in historic buildings nation-wide. In Tennessee, buildings of almost every type imaginable, from B&Bs and hotels to large-scale business developments, have benefited from the Investment Tax Credit (ITC) program. In Tennessee, 750 buildings have been rehabilitated using the ITC program, generating investments of over $500 million in Tennessee's historic buildings.
Two types of ITCs are available: 20% for a certified historic structure or 10% for a non-historic structure. Investment Tax Credits are available to the owners or certain long-term renters of income-producing properties. The 20% ITC reduces the cost of restoration and rehabilitation to the owner of an income producing historic property as an income tax credit. The credit is 20% of what an owner spends rehabilitating the building, not including acquisition costs.

The April 28 Information Session is for persons and businesses interested in learning about the ITC program and how it might be of benefit them. Those wanting more information should contact Jann Mirkov, Main Street: Greeneville by telephone at 423-639-7102 or by e-mail at director@mainstreetgreeneville.org. Additional information may also be obtained by contacting Gray Stothart at First Tennessee Development District by telephone at 423-722-5096 or by e-mail at gstothart@ftdd.org.