The Historic Income-Producing Buildings Tax Credit Program returns 20 percent of the cost of rehabilitating historic buildings to owners as a federal income tax credit.

To qualify, a property owner must:

• Own a historic building. A building is considered "historic" if it is listed on the National Register of Historic Places or if the NPS determines that it contributes to the character of a National Register historic district. A building can also receive a preliminary determination of eligibility for the Register from the NPS through the tax credit application process. In this case, the owner must formally list the property on the National Register prior to claiming any tax credits.
• Use the building for income-producing purposes. Income-producing buildings are those used in a trade or business or for the production of rental income.
• Formally apply to the Wisconsin Historical Society. See the application materials.
• Rehabilitate the building following program standards. Program standards are the Secretary of Interior's "Standards for Rehabilitation." The NPS, in conjunction with the Society, determines if a project meets the standards.
• Spend the minimum amount required on rehabilitation. An owner must spend at least an amount equal to the building's adjusted basis value or $5,000, whichever is greater. This amount of money must be spent in a two-year period. Phased projects are allowed a five-year period.
• Claim the credit for eligible expenses only. The cost of all work on historic buildings, inside and out, is eligible for the credit. However, the following expenses are not eligible: cost of site work (such as landscaping or paving), the cost of moveable equipment (such as diswashers) and the cost of new construction (such as new additions).
• Maintain ownership of the building and the building's historic character for five years. If within five years of the building being placed into service, it is sold or altered in a way that diminishes its historic character, the tax credit must be repaid to the IRS and to the Wisconsin Department of Revenue.

Additional guidelines are outlined on the National Park Service website.

Funding Program Details

Eastern District: Paul Porter

Western District: Andrea Herries

Wisconsin Historical Society

State Historic Preservation Office
816 State St
Madison, WI 53706
Phone: 608-264-6464

Email: paul.porter@wisconsinhistory.org or andrea.herries@wisconsinhistory.org