Internal Revenue Service (IRS)
The IRS shares frequently asked questions (FAQs) that were prepared in response to inquiries that have been presented to the IRS.
IRS Rehabilitation Credit (Historic Preservation) FAQs
NPS & IRS Connection
The National Park Service and the Internal Revenue Service provide information for use by applicants for the Historic Preservation Tax Incentives. Its purpose is to present an overview of pertinent topics. It should not be relied upon as definitive tax advice. Applicants are strongly encouraged to consult their tax advisor or the Internal Revenue Service about the tax implications of the Historic Preservation Tax Incentives.
The IRS Connection
Minnesota State Credit
The Minnesota Historic Structure Rehabilitation Tax Credit has been reinstated by the Minnesota Legislature beginning July 1, 2023 and expiring after June 30, 2030. Effective July 1, 2023, applications for historic structure rehabilitation projects in Minnesota that otherwise meet all other requirements of Minnesota Statutes, section 290.0681, subdivision 3, and qualify for the Federal Historic Preservation 20% Tax Credit maybe be eligible for the Minnesota Historic Structure Rehabilitation State Tax Credit equal to the federal tax credit. [Laws of Minnesota, 2023, Chapter 64, Article 1, Section 39]
Department of Revenue Tax Guidance
Legislation passed during the 2019 Minnesota legislative session amends the state tax code to conform with federal tax code changes made on December 23rd, 2017 (Minnesota Session Law 2019, 1st Special Session, Chapter 6). One of the programs impacted by these changes is M.S. 290.0681, the Minnesota Historic Structure Rehabilitation State Tax Credit (Historic State Tax Credit) . The primary changes to the Minnesota Historic State Tax Credit is that the credits must now be claimed over a 5-year period, rather than as a single pay-out. Review the amended language here. Projects should contact their tax professional to discuss how this specifically affects their project.
