PRESERVATION TAX CREDITS
Arapahoe Acres homeowners qualify as members of an historic district for state and federal income tax credits for rehabilitation and restoration work.
The State Act for Preservation Tax Credits provides income tax credit. A formal application, application fee, and review process are required.
The maximum credit allowed is $50,000 per property and the owner must keep the property for 5 years. Credit may be taken over 10 years
To qualify a homeowner’s project must:
• comply with the Secretary of Interior’s Standards (see xxxxxxxxx),
• cost a minimum of $5,000,
• be completed within 24 months.
The act distinguishes between “qualifying costs” such as brick and mortar repair, up-dating electrical and plumbing systems, and roofing.
Examples of “non-qualifying” costs are general maintenance and building additions, since the credit is intended to encourage the renovation and reuse of older buildings. Applicants must divide the projected costs into the two categories.
Detailed information:
Colorado Historical Society Office of Archaeology and Historic Preservation (OAHP) www.coloradohistory-oahp (search for historic preservation).
Contact OAHP office to verify requirements and review process. “Before” and “after” photos and detailed cost estimates may be required.
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