Historic Preservation Tax Incentives
Supporting Preservation and Local Businesses
The Pink House (above) has become the most recent historic property in Nevada to use federal Historic Preservation Tax Credits to rehabilitate the former Reese-Johnson-Virgin House in Genoa. The house was listed individually in the National Register of Historic Places in 2004. It is also a contributing building in the Genoa Historic District, listed in the National Register in 1975.
Federal preservation tax credits support projects large and small throughout the country, encouraging business owners to reuse important historic places and make them relevant for a new generation.
In 2015, the median overall project cost of the year’s 870 certified projects nation-wide was $950,000. For more information on how to apply for this program, contact the Nevada SHPO’s tax credit contact, Kristen Brown, at (775) 684-3439.
Federal Preservation Tax Incentives
Created by the Tax Reform Act of 1976, Historic Preservation Tax Credits provide a financial incentive for owners of income-producing historic resources to rehabilitate their properties. While there are several additional conditions that must be met for an owner to take advantage of these incentives, any owner interested in the program is encouraged to inquire about the feasibility of tax credits for their property. In Nevada, this federal program is supported jointly by the Internal Revenue Service, the National Park Service, and by the Nevada State Historic Preservation Office.
Historic Preservation and Economic Redevelopment
Historic preservation is a valuable component of any community's economic redevelopment strategy. Research on the part of the National Park Service, the National Trust for Historic Preservation, and the for-profit research center, PlaceEconomics, have reinforced the concept that investment in historic preservation as a strong component of community development has short and long-term economic benefits. Generally, adopting historic preservation strategies leads to revitalization of downtown commercial areas, promotes local job growth, increases local tax revenue, and contributes to the long-term economic sustainability of communities. Nevada towns, cities, and rural areas may also benefit economically from well-coordinated and well-advertised heritage tourism programs.