CITY OF NEILLSVILLEHISTORIC PRESERVATION COMMISSION
Owners of Historic Homes
Owners of Historic Commercial Buildings
GENERAL INFORMATION
Tax Credits for Historic Homes
Owners of historic residences in Wisconsin may be eligible for income tax credits that can help pay for their home's rehabilitation. The Homeowners' Tax Credit program returns 25 percent of the cost of approved rehabilitation (of eligible historic homes) as a Wisconsin income tax credit. The Wisconsin Historical Society's State Historic Preservation Office administers this program.
How the Program Works
Wisconsin homeowners apply for the program by submitting a tax credit application. If your project is approved and completed, the tax credits are applied and your project is closed.
To qualify for the program, your personal residence must be one of the following before beginning any work:1.Listed in the National Register or State Register of Historic Places2.Contributing to a National Register or State Register Historic District3.Be determined through the Homeowner’s Preservation Tax Credit program application process to beeligible for an individual listing in the State Register of Historic Places.For Wisconsin Historical Society - State Historic Preservation staff to make this determination (called a “preliminary certification”), homeowners need to send in Part 1 of the tax credit application, photographs, and information to indicate that the propertyi meets the criteria of the National Register or State Register ofHistoric Places, which are noted in the tax credit application package.
Owners of historic income-producing properties in Wisconsin may be eligible for two income tax credits that can help pay for their building's rehabilitation.
This program returns 20 percent of the cost of rehabilitating historic buildings to owners as a federal income tax credit.
The Wisconsin Historic Preservation Tax Credit Program
This program returns 20 percent of the cost of rehabilitating historic buildings, up to $3.5 million per parcel, to owners as a Wisconsin income tax credit.
How to Qualify for the Federal and State Historic Preservation Credits
This is a summary and is not intended to cover all program rules and guidelines. Additional information on the federal credit can be obtained through the
.
While the goal of the program is to preserve significant buildings, it is also an income tax program. Applicants must meet IRS and Wisconsin Department of Revenue requirements. Before you apply, we suggest you talk to your accountant to see if the program will work for you.
How to Qualify:
Own a Historic Building
A building is considered "historic" if it is listed in the National Register of Historic Places or if the NPS determines that it contributes to the character of a National Register historic district. A building can also receive a preliminary determination of eligibility for the Register through the tax credit application process. In this case, the owner must formally list the property in the National Register prior to claiming any tax credits.
If an owner is using only the state tax credit, a building is considered "historic" if it is listed in the State Register or the National Register of Historic Places or if it contributes to the character of a listed historic district. A building can also receive a preliminary determination of eligibility for the National Register through the tax credit application process. In this case, the owner must formally list the property in the State Register or the National Register prior to claiming any tax credits.
Use the Building for Income-Producing Purposes
Income-producing buildings are those used in a trade or business or for the production of rental income.
WISCONSIN Tax Credits - 25% Historic Homes 20% Historic Commercial BuildingFEDERAL Tax Credits - 20% Historic Commercial Building
