Tax credit increases what’s available for historic renovation

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In May, Colorado Gov. John Hickenlooper signed into law the Colorado Job Creation and Main Street Revitalization Act (also known as House Bill 14-1311). By substantially increasing the amount of funds available for the preservation of historic properties, the new tax credit keeps Colorado competitive among neighboring states with similar tax-credit programs.

House Bill 14-1311 introduces the first significant changes to the tax credit for historic preservation in Colorado since the creation of the previous version of the credit in 1990. The tax credit enacted under H.B. 14-1311 creates a strong financial incentive for residential and commercial historic building owners who are looking to complete preservation and rehabilitation projects for 2016 through 2019.

Originally published in the Colorado Real Estate Journal - July 16, 2014 – August 5, 2014.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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