Idaho Historic Tax Credits for Property Rehabilitation
While Idaho does not currently offer state-level tax credits specifically for historic property rehabilitation, property owners can still take advantage of federal historic preservation tax incentives.
Available Federal Tax Credits:
- 20% Federal Historic Rehabilitation Tax Credit for certified historic structures
- 10% Federal Tax Credit for non-historic buildings built before 1936
Idaho State Support:
Though direct tax credits aren’t available, Idaho offers:
- Technical assistance through the Idaho State Historic Preservation Office (SHPO)
- Grant programs for historic preservation projects
- Local property tax exemptions in some municipalities
Frequently Asked Questions
Q: Does Idaho offer state tax credits for historic preservation?
A: No, Idaho does not currently offer state-level tax credits for historic preservation projects.
Q: Can I still get federal tax credits in Idaho?
A: Yes, federal historic preservation tax credits are available to Idaho property owners.
Q: What buildings qualify for federal tax credits?
A: Properties must be listed on the National Register of Historic Places or contribute to a registered historic district.
Q: Are there any local incentives available?
A: Some Idaho cities offer local property tax incentives for historic preservation – check with your local historic preservation commission.
Q: How do I apply for federal tax credits?
A: Contact the Idaho SHPO to begin the application process and receive guidance.
Q: Is there a minimum investment requirement?
A: Yes, rehabilitation expenses must exceed the greater of $5,000 or the adjusted basis of the building.
Q: How long does the process take?
A: The application and approval process typically takes 6-12 months.
The Bottom Line
While Idaho doesn’t offer state-level historic preservation tax credits, property owners can still benefit from federal tax incentives and local support programs. Working with the Idaho SHPO is essential for accessing available resources and ensuring compliance with preservation requirements.