Do I qualify for the Wisconsin supplement to the federal Historic Rehabilitation Tax Credit?
You qualify for a supplement to the federal Historic Rehabilitation Tax Credit if:
- You own (or in some cases lease) property or outbuilding that's listed or eligible to be listed on the National or State Register of Historic Places or is located in a historic district and certified as being of historical significance to the district.
- The building must be depreciable rental or real property with a depreciable life of more than 12.5 years.
- The building must have been place in service before the beginning of the rehabilitation.
- The property must be used for the production of income.
- Your project must cost more than the adjusted basis of the property and a minimum of $50,000 spent within two years (five years for phased preservation projects) beginning on the day the physical work of rehabilitation begins.
- You must design and carry out the work in accordance with the Secretary of the Interior's Standards for Rehabilitation.
- You must complete the preservation or rehabilitation work within 2 years (5 years for phased preservation projects).
- You must formally apply to the National Park Service, through the Wisconsin Historical Society, for certification of your project and the Secretary of the Interior must approve the project.
- These costs must be incurred after the State Historic Preservation Officer recommends the project to the Secretary of the Interior for approval or the Secretary of the Interior approves the project, whichever is earlier.
