The Highlights Why It Matters While this notice doesn't overhaul the R&D tax credit system, it does provides valuable clarification for companies engaged in research and development. We want to help you fully understand these changes so you can plan accordingly. The team at ETS offers specialized consultations, R&D tax credit analyses and compliance guidance
Historic Tax Credit Consulting
By either rehabilitating directly or investing in the rehabilitation of eligible buildings, taxpayers can take advantage of one or two historic tax credits:
- Historic Preservation Tax Credits
- Historic Tax Incentives
Federal tax law offers an effective incentive to taxpayers who contribute to the preservation of our nation's old and historic buildings. By rehabilitating directly or investing in the rehabilitation of eligible buildings, taxpayers can take advantage of one of two tax credits.
Historic Tax Credits & Incentives
The rehabilitation tax credit is available for historic and non-historic buildings used in a trade or business or held for the production of income. The federal income tax credit is equal to 20% of the cost of rehabilitating historic buildings. These credits provide a dollar-for-dollar reduction of income tax owed. Buildings eligible for the 20% rehabilitation credit include those used for rental residential as well as non-residential purposes.
The historic tax credit consultants at ETS can help you reap the tax benefits of rehabilitation and preservation projects as well as all related incentives and processes.
Historic properties listed in the National Register of Historic Places may be eligible for the 20% federal income tax credit. ETS prepares the three-part application and advises property owners as to how to meet these requirements and successfully obtain the credits. For properties eligible for, but not yet listed in the National Register, ETS will prepare the nomination proposal needed.
Certain historic properties listed in the National Register of Historic Places and/or designated as historic properties by local governments may be eligible for up to a 10-year exemption from a portion of local property taxes in communities in Florida that have adopted this exemption program. Similar tax exemption programs are available in other states. ETS prepares the application necessary for property owners to apply for the exemption.
Where properties are located in city or county historic districts or designated as local historic landmarks, they typically are subject to design review by an architectural review board or commission. ETS represents property owners before these boards, assisting them and sometimes their architects with necessary board approvals, while helping owners meet their design goals. Some municipal historic districts provide financial incentives, such as a property tax exemption, for the appropriate rehabilitation of historic properties. ETS assists property owners in learning about these incentives and helping clients obtain them.
- National Register proposal preparation
- Cultural Resources Survey
- Grant writing
- Written and illustrated design guidelines
- Historic ordinance consultation
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On August 29, 2023, the IRS issued Reg-100908-23 to provide details on claiming bonus deductions or credits for energy efficiency (as outlined in the IRA bill) that require proof of prevailing wages and apprenticeship hours. This newly issued guidance focuses on: This guidance applies to numerous incentives outlined in the IRA bill, but we will
Article Sections Overview Impacted Programs Prevailing Wage Guidance Apprenticeship Guidance Recordkeeping Requirements Beginning of Construction Guidance Fast Facts Conclusion Resources Overview Introduced in the Inflation Reduction Act (IRA) of 2022, prevailing wage and apprenticeship provisions in certain tax incentives will allow taxpayers to receive increased benefit if they abide by labor guidelines. Prevailing wage