Historic & Brownfield Tax Credits 2017-12-18T16:26:24+00:00
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historic & brownfield tax credits

Historic Tax Credits
The Federal Historic Preservation Tax Incentives program is one of the nation’s most successful and cost-effective public/private revitalization programs. The program fosters private sector rehabilitation of historic buildings and promotes economic revitalization. It also provides a strong alternative to government ownership and management of such historic properties.

The Federal Historic Preservation Tax Incentives are available for buildings that are National Historic Landmarks, are listed in the National Register, and that contribute to National Register Historic Districts and certain state or local historic districts. Properties must be income-producing and must be rehabilitated according to standards set by the Secretary of the Interior. This program has provided a 10 or 20 percent tax credit that can be applied to the preservation of historic properties for offices, rental housing and retail stores, and buildings in certain districts may qualify for an additional 20% state credit.

Our tax credit advisory professionals understand the competing interest of all parties in historic rehabilitation projects and the range of tax credit opportunities available, such as the New Markets Tax Credit (NMTC), as well as the Brownfield Cleanup Program. Our services include:

  • Financial Analysis and Strategy
  • Budgeted Sources and Uses

  • Transaction Structuring and Analysis

  • Maximizing Proceeds and Return on Investment

  • Accounting Services such as:
      • Forecasts/working models
      • Tax credit consulting
      • Cost certifications for qualified rehabilitation expenditures
      • Annual partnership tax returns
      • Annual audits and financial statements
      • Agreed upon procedure reports

Our historic tax credit professionals have a thorough understanding of the benefits, costs and motivations of participants in a historic tax credit transaction. Helping developers maneuver through the complexities of the rules, maximizing the monetization of the federal and state benefits that come from historic rehabilitation projects is our area of expertise.

For more information on how we can assist you, please contact:

Brownfield Tax Credits
New York State’s Brownfield Cleanup Program (“BCP”) provides valuable incentives and liability relief for the cleanup and redevelopment of contaminated or blighted sites, or “brownfields”. Our team regularly works with brownfield redevelopment professionals to maximize our clients’ after-tax return on investment in brownfield redevelopment projects.

For more information on how we can assist you, please contact:

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ACCOUNTING & AUDITING

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TAX

We specialize in federal and state complex business and personal tax services, including tax planning, preparation and compliance services.

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