The Federal Historic Preservation Tax Incentives program encourages private sector rehabilitation of historic buildings. This is one of the nation's most successful and cost-effective community revitalization programs to date. Under the Federal Historic Rehabilitation Tax Credit program, states, including Massachusetts offer a 20 percent historic rehabilitation tax credit on certified rehabilitation projects. This is in addition to the 20% Federal Tax Credit offered by the National Park Service. The building must be an income-producing historic property to be eligible to receive up to 20% of the cost of the rehabilitation expenses in state tax credits.
There is an annual cap, so there are selection criteria that ensure the funds are distributed to the projects that provide the most public benefit.The Massachusetts Historic Commission certifies the projects and allocates available credits. Cherrytree Group, LLC and its principal, Warren Kirshenbaum have worked with all kinds of historic rehabilitation properties from commercial office space to buildings providing housing. Our expertise can assist you in document preparation, development consulting, pro-forma financial statement review and assistance, and tax issues.
The Historic Rehabilitation State Tax Credit is specific to geographic locations, so you are best served by a company that has expertise in the New England region, encompassing the MA, ME, NH, RI, CT areas. Cherrytree Group provides that expertise.
If you have any questions please feel free to contact Warren or call directly (781) 325-8485.