The National Park Service (NPS) has released it’s 2014 Annual Report on Federal Tax Incentives for Rehabilitating Historic Buildings. The report notes that jobs stayed strong with completed projects certified in FY 2014 creating an estimated 77,762 jobs. In addition, the report states in FY 2014 the number of approved proposed projects was 1,156. The investment in these projects totaled an estimated $5.98 billion, while the investment in the 762 certifi ed completed projects totaled $4.32 billion.
Nearly 1.59 million historic buildings are listed in or contribute to historic districts in the National Register of Historic Places, with thousands of contributing resources added each year. Last year over 50% of the completed projects certified by the National Park Service were estimated to have used both Federal and state historic tax credits. Over half of the states offer historic tax credits that can be used in tandem with the Federal historic tax incentives. The four states with the most rehabilitation activity in FY 2014 wer Virginia, Louisiana, Missouri, and New York.
About the Federal Historic Preservation Tax Incentives Program : The Federal Historic Preservation Tax Incentives Program, administered by the National Park Service in partnership with the State Historic Preservation Offices, is the nation’s most effective program to promote historic preservation and community revitalization through historic rehabilitation. With over 40,380 completed projects since its inception in 1976, the program has generated over $73 billion in the rehabilitation of income-producing historic properties. The largest federal program specifi cally supporting historic preservation, the historic tax credit also generates much needed jobs, enhances property values in older communities, creates affordable housing, and augments revenue for Federal, state and local governments. The widely recognized program has been instrumental in preserving historic places that give cities, towns, and communities their special character.