Historic Preservation
Tax Incentives
Historic Tax Incentive Programs
Historic Tax Credit Programs are some of the most impactful tools Nebraskans have in promoting the economic revitalization of their communities. These programs provide tax credits for property owners who rehabilitate a historic building while retaining its historic character. Past projects have provided much-needed low-income housing, fixed-up public buildings like courthouses, and made downtown areas more attractive to small business owners. Tax credit programs also stimulate local economies by generating skilled jobs and local tax revenue.
Before you apply, applicants should consult with an accounting or tax professional in order to determine if participation in the programs offered will result in a benefit to the applicant. In addition, applicants are encouraged to consult early and often with the NeSHPO in the planning stages of the project in order to learn and understand the historic preservation standards utilized in the evaluation of applications.
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Three Tax Credit Programs
1. The Nebraska Historic Tax Credit: Provides a state tax credit of up to 25% in counties with cities in the metropolitan classification and 30% for all other counties of qualified rehabilitation expenditures.
2. The Federal Historic Tax Credit: Provides a Federal income tax credit for 20% of qualifying rehabilitation projects
3. The Valuation Incentive Program (VIP): Freezes the assessed value of an approved property at the prehab value for 8 years. After 8 years, the assessed value gradually increases over 4 years until the current accessed value is reached
Each program is similar and you may be able to use more than one program for a rehabilitation project.
Click on the images below for more detailed information about each program. You can also watch a presentation about the three programs on YouTube.
Nebraska Historic Tax Credit
Nebraska Historic Tax Credit
Federal Historic Tax Credit
Federal Historic Tax Credit
Valuation Incentive Program
Valuation Incentive Program
Resources for Owners of Historic Properties
Hiring someone with a proven-record in historic preservation is especially important when the project is using historic tax incentives. We encourage property-owners to consider the special skills required for the successful rehabilitation of a historic building.
The companies/individuals in this directory have requested or consented to be placed on this list. The Nebraska State Historic Preservation Office is not endorsing any of these individuals or companies. We strongly recommend checking references, reviewing previous projects, and conducting careful interviews of prospective providers.
Download the Directory of Craftspeople with Experience in Historic Preservation
Historic Tax Credit Success Story
FAQ's
What are my first steps?
What is the difference between the federal and state tax credit programs?
The rehabilitation standards and required information are the same. We encourage you to fill out both applications. Each program has its own paperwork, however, the NHTC application is entirely online while the Federal application is done through fillable forms and submitted through an online portal. The VIP program application can be typed or via digital form it can then be printed/mailed or submitted via our digital portal. Please reference our online comparison chart for differences in eligibility and other financial details.
Does work done on my house qualify for tax credits?
What expenditures qualify for tax credits?
Can I replace the windows?
What happens if I make changes to my project during construction?
I am interested in participating in a tax credit project for a building that I do not yet own, can I still start the application process?
Can I apply for a tax credit after completing a project?
Are the tax incentives transferable?
Will all work be reviewed on the project?
Get in Touch
Nebraska State Historic Preservation Office (SHPO)
Michael Sothan, Historic Tax Credit Coordinator
[email protected]
402-540-3925
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