Historic Tax Credits are an Opportunity to Make Old Buildings New Again

1/26/2022

Many of West Virginia’s towns and cities of all sizes are in the midst of a renaissance. Community development efforts abound in many parts of the Mountain State, and historic downtown areas and neighborhoods are at the center of this economic resurgence. Private investors are finding themselves more and more attracted to historic redevelopment projects as a result of a unique financing tool known as the Historic Rehabilitation Tax Credit, or HTC.

A tax credit is an amount of money that can be offset against a tax liability and is therefore subject to stipulations. According to the IRS, any taxpayer that owns an interest in an approved building rehabilitation project is eligible to claim the HTC. This includes, individuals, corporations, estates and trusts. Additionally, HTCs can be distributed to a corporate investor partner in exchange for additional equity capital that can be used for financing the project.

https://wvbusinesslink.com/2022/01/20/historic-tax-credits-are-an-opportunity-to-make-old-buildings-new-again/

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Historic Tax Credits are an Opportunity to Make Old Buildings New Again

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