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Re: State and Federal Tax benefits for owning a Historic Property
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Another update. After calling each of the legislators today, I received a prompt return call from Assemblyman Prieto's office (32nd District). His chief of staff informed me that after reviewing the bill, he will be adding his name today as a co-sponsor.

So make those calls. They can have an effect. Call Manzo's, Quigley's, and Prieto's offices to thank them. Call the other offices to encourage them to get on board.

Joshua Parkhurst
President
Jersey City Landmarks Conservancy

Posted on: 2006/3/10 19:23
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Re: State and Federal Tax benefits for owning a Historic Property
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On the federal level, there is an investment tax credit for income producing properties restored according to Secretary of Interior standards. Ultimately, this means that the only people who can take advantage of it are developers who use property as rentals. The Jersey City Medical Center renovation is being done as a tax credit program, and I've been told it is currently the largest such program in the country.

On the state level, there is not much, although there are efforts to change that. Currently, the state allows a five year deferral of property tax increases attributable to rehabilitation of homes at least 20 years old. There is no historic review.

There is a bill in the state legislature which would provide a 25 percent income tax credit for the cost for restoration of a historic building done according to Secretary of Interior standards. Preservation New Jersey is advocating the passage of this bill, and the Jersey City Landmarks Conservancy fully supports it. We hope to launch an advocacy campaign in support of it soon. In the meantime, you can call your state legislators and ask them to sponsor and support Assembly Bill A896. The bill has not yet been introduced in the Senate. So far, the only Hudson County Assemblymember to support such a bill is Joan Quigley (32nd district). Assemblyman Chiappone was also a co-sponsor, but he is no longer in the Assembly.

The states which have similar credit programs consider them to be overwhelmingly successful. Paris Glendenning, former Governor of Maryland, spoke at last year's State Historic Preservation Office conference held at Liberty State Park, and said that studies had shown that for every dollar in tax credits given out under the program, states received three dollars back in other forms of revenue.

Joshua Parkhurst
President
Jersey City Landmarks Conservancy

EDIT: Correction to above. Assembly Manzo is also a sponsor, and a primary sponsor I might add.

Posted on: 2006/3/10 14:37
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Re: State and Federal Tax benefits for owning a Historic Property
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As far as I know, there are none for owning. I believe there still exist tax breaks for restoring and retaining, as rental property, historic structures.

Posted on: 2006/3/10 12:55
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State and Federal Tax benefits for owning a Historic Property
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Does anyone know if they exist in New Jersey or on the Federal level?


Thanks

Posted on: 2006/3/10 6:17
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