Historic tax credits are a key incentive to property owners for their restoration projects.
Owners of properties listed in the National Register of Historic Places are eligible for a 20% Federal Rehabilitation Tax Credit (FRTC) for the certified rehabilitation of income-producing certified historic structures such as commercial, industrial, or rental residential buildings. In addition, many states including Mass., Conn. and R.I. have initiated state historic tax credit programs. The Mass. and Conn. historic tax credit programs are for 20% of qualified expenditures and the R.I. tax credit program is for 30% of qualified expenditures.