Federal Historic Preservation Tax Incentives Program

Tom Horn Building
Tom Horn Building, Cheyenne, Wyoming
The Federal Government offers a program of tax incentives to support the rehabilitation of historic and non-historic buildings for income-producing purposes. This program is one of the Federal government's most successful and cost-effective community revitalization programs. The Wyoming State Historic Preservation Office (SHPO) serves as the liaison between the property owner and the National Park Service (NPS). The goal of this combined endeavor is to encourage preservation of community treasures and increase awareness of the benefits of rehabilitation efforts.

Contact
Brian Beadles
Tax Incentive Coordinator
(307) 777-8594

Under the provisions of the Tax Reform Act of 1986, two tax credit options are available to property owners. The first, a 20% Federal Tax Credit, is available for substantial rehabilitation of a certified historic structure whose end use is income-producing. The second, a 10% Federal Tax Credit, is available for substantial rehabilitation of a non-historic structure built prior to 1936.

Although not required, it is highly recommended that you contact the Wyoming SHPO prior to beginning any rehabilitation work. We will provide you with technical assistance and information for using available tax credits. Failure to do so could result in the denial of tax credits for your project. The Wyoming SHPO also suggests that you consult with your financial advisor before completing the tax return.

Successes

Successful Wyoming Tax Credit Rehabs

What is a tax credit?

A tax credit differs from an income tax deduction. An income tax deduction lowers the amount of income subject to taxation. A tax credit, however, lowers the amount of tax owed. In general, a dollar of tax credit reduces the amount of income tax owed by one dollar. For example, if the cost of rehabilitating an historic building was $100,000, the 20% credit would be worth $20,000.

Benefits

The Federal Historic Preservation Tax Incentives Program benefits not only the owner of a structure, but also the building’s occupants and the community.
  • Encourages protection of valuable structures through the recognition and designation of historic structures.
  • Rehabilitated property values increase, and previously underutilized structures are returned to the tax rolls.
  • Visual impact of a rehabilitated structure serves as a model and inspiration for future preservation projects in the community.
  • Downtowns and older neighborhoods are upgraded, increasing the amount of available housing within the community.
Department of State Parks & Cultural Resources