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The federal government offers a 20% tax credit incentive for rehabilitating commercial historic properties. One dollar of tax credit reduces the amount of income tax owed by the property owner by one dollar.
The tax credit applies to projects designated as a certified rehabilitation of a certified structure by the Secretary of the Interior. Certified structures are buildings listed in the National Register of Historic Places or a building located in a registered district and certified by the National Park Service as contributing to the historic significance of that district.
Since smaller rehabilitation projects find it difficult to benefit from historic tax credits due to transaction costs, the Center City Commission teamed with Guilford Capital Corporation to help smaller projects benefit from the tax credits.
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