Historic Structure Rehabilitation Credit

To qualify, all of these must be true:

• You made qualified improvements to a historic property in Minnesota
• The improvements you made qualify for the federal Historic Rehabilitation Credit
• You applied for certification to the Minnesota State Historic Preservation Office (SHPO) before starting the project (visit the SHPO website for application details)
• SHPO issued a credit certificate when you completed the project

The credit is available for projects certified by SHPO before July 1, 2031. Projects that started rehabilitation work July 1, 2022 - June 30, 2023, that meet all other requirements, may be eligible for the credit if the application is received by August 30, 2023. You will claim this credit in the year the renovated building is placed in service.

For details about the federal rehabilitation credit:

• Go to the Historic Preservation Tax Incentives on the National Park Service website
• Review the instructions for federal Form 3468 on the IRS website

Your credit amount generally equals your federal credit amount. You may take the credit against your income tax, corporate franchise tax, or insurance tax.

The credit is payable in equal installments over five years beginning in the year the building was placed in service. The five-year payout is effective for applications submitted to SHPO after December 31, 2018.

Include the credit certificate you received from SHPO when you file your return.