Federal Historic Tax Credit

 

The National Park Service (NPS) recently released two reports showcasing the impact of the Federal Historic Preservation Tax Incentives Program.

 

The first report, Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for Fiscal Year 2024, highlights the program’s success over the past year. During this period, rehabilitation projects that received preliminary approval had an estimated total cost of $10.7 billion, while projects that were fully approved totaled $6.15 billion.

 

The second report, Annual Report on the Economic Impact of the Federal Historic Tax Credits for Fiscal Year 2023, was created in partnership with Rutgers University. It explains how the tax credits not only support the preservation of historic buildings but also provide significant benefits to the national economy.

 

Both reports also share examples of successful restoration projects in Illinois, Michigan, and New Jersey.

 

The Federal Historic Preservation Tax Incentives Program is run by the National Park Service, the Internal Revenue Service, and State Historic Preservation Offices. Its main goal is to encourage the restoration of historic buildings while supporting local communities. Below are Arizona specific statistics and map for FY01 to FY23.

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