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Updated over 5 years ago,
Can I get a federal or state tax credit on this building?
All:
I bought a dilapidated office building in June 2018 in Columbia, South Carolina and rehabbed it under a City of Columbia program called the "Bailey Bill."
This program encourages the restoration of historic buildings and provides a 20 year property tax freeze if approved. It requires that a minimum of 20% of the rehab budget be used on exterior work and all exterior work be approved by the City. I spent about 70k on the rehab and my property was approved and was granted Bailey Bill approval in February 2019.
It was also nominated for the National Register and listed in January 2019: Dr. Matilda A. Evans House
Realizing I should've asked this before I began the project:
1) Are there any federal or state historic credits available for projects like this?
2) Any idea if I can get these credits for 2018 if the certifications weren't done until 2019?
My CPA has limited experience with these types of credits.