Many people have stories of famous (or infamous) celebrities they have met. Other building owners have history that makes their real estate special. Do you have an old barn that needs fixed up that used to be a Pony Express depot? What about a building you own? Does it qualify as a historic site?
This spring Nebraska enacted LB 191, which created a Nebraska Historic tax credit. This tax Credit assists real estate owners with the revitalization of historically significant real estate throughout Nebraska. The new law provides owners with an offset to Nebraska income tax amounts equal to twenty percent of "eligible expenditures" on "improvements" made to "historically significant real property." For a project to qualify as "historically significant real property," generally the building or structure, must not be a single-family detached residence and must be listed in the National Register of Historic Places or located within a National Register district and determined by the State Historic Preservation Officer to be historically significant to the district.
This new law establishes $15 million in tax credits each year starting on January 1, 2015 through 2018. The Nebraska State Historical Society ("SHPO") will handle the annual allocation of these tax credits and will start accepting applications on January 1, 2015.
If you are an owner that owns a Historic building or a developer looking to remodel or redevelop a historic district, get your application started!
For more information about restoring historic properties and historic property advocacy, contact Restoration Exchange Omaha or call Burnett Wilson Law at (402) 810-8611 or contact us online to schedule a free consultation.