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Tax Credits for Rehabilitating Historic Buildings
The Vermont Division for Historic Preservation administers federal
and state tax credits designed to encourage the restoration/rehabilitation
of historic buildings. The goal of the tax credit programs is
to give old and historic buildings a place in the contemporary
real-estate market not to preserve a building as a museum.
What is a Tax Credit?
Briefly, a tax credit is better than a deduction. While a deduction
merely lowers a taxpayer's taxable income, a credit lowers a
taxpayer's actual tax bill. For example, if your tax bill is
$10,000, a $4,000 credit will reduce your tax bill to $6,000.
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Chris Cochran
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