The Department of Historic Resources in Virginia oversees the approval of a Virginia Historic Rehabilitation Tax Credit allowing you to receive financial credits as an incentive for you to preserve historic properties in Virginia. Your older home or structure must first be certified as “historic” by the National Park Service. This certification is necessary for you to take the next step of approved rehabilitation work on your historic home, and those rehab plans also must be approved by the National Park Service (NPS). The NPS qualifying standards are set by the U.S. Department of the Interior.
Virginia is fortunate to have this additional state incentive in place for folks to preserve and restore the many historic homes, inns, taverns, farms, estates, and businesses from Virginia’s rich colonial history. The Virginia Credit can be used for both residential and commercial buildings, whether owner occupied or investment income properties. If your rehab expenses are approved, you could receive as much as a 25% Virginia Historic Rehabilitation credit for your rehab expenses of residential or commercial structures.
If your property is income producing you may also qualify for an additional Federal historic rehab credit that could apply as much as 20% credit for approved income producing properties.
If you love historic homes and if you’re not already familiar with the Virginia Department of Historic Resources, you owe it to yourself to click the link for access to wonderful information about historic rehabilitation, historic conservation, land use conservation incentives, and possible other grants available for historic rehabilitation of your Virginia home.
And as always, please verify all of our information in case of updates or changes after we write this.