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Federal Rehabilitation Investment Tax Credit (RITC)
This federal tax credit is for 20% of the costs of renovations
to an income producing building (including labor, materials
and architects or other consultant fees). For instance, if an
owner/developer spent $100,000 rehabilitating a historic building,
they would get 20%, or $20,000, worth of tax credits.
To qualify for the federal credit, a building must be income
producing (not a private residence) and listed or eligible for
listing in the National Register. Over 10,000 Vermont buildings
are currently listed and thousands more are eligible. Owners
unsure if their building is listed or if it qualifies for listing
should contact Chris
Cochran or call 802-828-3047.
In addition, project cost must exceed the adjusted basis of
the building: (Adjusted basis = purchase price, minus appraised
value of the land, minus depreciation, plus capital improvements)
and plans are reviewed as part of the approval process. More
information.
State Credits
Vermont offers an additional 10% income tax credit to approved
projects receiving the 20% federal tax credit (RITC) located
in a Designated
Downtown Districts and Designated
Village Centers. Projects may also qualify for additional
tax credits for code compliance work, the installation of sprinkler
systems, or elevators. More
information Application
Guidelines
Customer Service
Vermont has excellent track record obtaining prompt NPS
and ranks among the top ten programs nationally. To assure fast
approvals, owners planning a project should call Chris Cochran
at 802-828-3047, or email chris.cochran@state.vt.us
to arrange an on-site meeting to discuss project specific advice
and sample application materials. |
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