The Minnesota Historic Structure Rehabilitation Tax Credit was signed into law in April 2010 as an incentive to stimulate job growth, increase local tax base and revitalize communities across the state by encouraging private investment in historic properties.
The state rehab tax credit mirrors the 20% federal historic preservation tax credit and is used in conjunction with the federal credit. Property owners who are undertaking a historic rehabilitation project are eligible to receive a state income tax credit of up to 20% of qualifying rehabilitation expenses. Owners may elect to receive a grant in lieu of a credit equal to 90% of the allowable credit.
The program is administered by the State Historic Preservation Office (SHPO) at the Minnesota Historical Society in partnership with the Minnesota Department of Revenue. Properties located within Faribault's Historic Downtown Commercial National Register District, or income-producing properties that are individually listed on the National Register of Historic Places are eligible for the credits. For more information:
For an application form and instructions visit www.mnhs.org/historictaxcredit
For more information:
Minnesota buildings listed on the National Register of Historic Places: www.nrhp.mnhs.org
Federal Tax Incentives: www.nps.gov/history/hps/tsp/tax