Galveston Historical Foundation offers consulting services for property owners seeking to take advantage of federal, state, and local historic preservation programs. For more information or to schedule a time to discuss your project, please contact Matthew Pelz at firstname.lastname@example.org.
HISTORIC REHABILITATION TAX CREDITS
Offered through the National Park Service, the federal government historic preservation tax incentives promote the rehabilitation of income-producing buildings. Restrictions apply, but your project qualifies you will be eligible for credit towards your federal income tax worth 10% or 20% of the total project cost.
In addition to the federal program, the new Texas Historic Preservation Tax Credit Program went into effect beginning in 2015. For owners of income-producing buildings ad who spend at least $5000 on their qualifying rehabilitation project, the state program could earn a 25% credit towards their franchise tax obligations. (Those not subject to a franchise tax are able to transfer the credit.)
Owners of historic buildings can participate in either program or in both for a potential 45% reimbursement of their project expenses through tax credits.
If you would like to have your building recognized for its historic significance, you can apply for inclusion on the National Register of Historic Places, the Recorded Texas Historic Landmarks program, or the City of Galveston Landmark program. Each program has its own requirements and application process, so it is important to figure out which is best for your building. Contact GHF staff to learn about the programs.