To encourage certain real estate investments, the tax law offers the following tax credits
LOW INCOME HOUSING CREDIT: Qualifying investors are allowed to claim a tax credits in annual installments over 10 years for qualifying newly constructed low-income housing and certain existing structures that are substantially rehabilitated.
The amount of credit depends on whether the building is new and whether federal subsidies are received. If you are the building owner, you must receive a certification from an authorized housing credit agency on Form 8609.
REHABILITATION CREDIT FOR PRE-1936 BUILDINGS OR CERTIFIED HISTORIC STRUCTURES.
You may claim a 10% tax credit for rehabilitating pre-1936 buildings or a 20% credit for rehabilitating certified historic structures.
The 10% credit for pre-1936 buildings applies to only nonresidential property. A substantial portion of the buildings structure must be retained after the rehabilitation. At least 75% of the walls must be in intact, with at least 50% kept as external walls At least 75% of the existing internal structural framework must be kept in place.
The claim the 20% credit for Certified Historic Structures, the building may be used residential or non-residential purposes.
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