Historic Preservation Tax Credit - Large Projects

Who can apply

The process for applying for Historic Preservation Tax Credits is a 3-part application process. Applicants MUST have approved Part 1 AND Part 2 applications approved by the State Historic Preservation Office prior to applying for tax credits through Iowagrants.gov. More information on the 3-part process can be found here: Historic Preservation Tax Credit | Iowa Economic Development Authority (iowaeda.com) (Under “How Do I Apply?) Only an eligible taxpayer may apply for tax credits under this program. An eligible taxpayer is defined as the fee simple owner of the property or someone having a long-term lease, which meets the requirements of the federal historic rehabilitation credit. Units of government (cities/ counties) are not eligible to apply for credits. Project buildings must be historically significant for the project to qualify for tax credits. Buildings must meet at least one of the following criteria: Building is listed on the National Register of Historic Places or determined by the staff at the State Historic Preservation Office (SHPO) to be eligible for listing Building is contributing to the significance of a historic district that is listed on or eligible to be listed on the National Register of Historic Places Building is designated as a local landmark by city or county ordinance Barn constructed before 1937 OR a barn that is listed on or eligible for listing on the National Register of Historic Places Projects must include substantial rehabilitation. Substantial rehabilitation is defined as follows: Commercial buildings: QREs must equal at least 50% value of the building (excluding land) before rehabilitation or $50,000, whichever is less Non-commercial buildings: QREs must equal at least 25% of the assessed value of the building (excluding land) before rehabilitation or $25,000, whichever is less Rehabilitation work must meet federal Secretary of the Interior’s Standards for Rehabilitation.