Pennsylvania s New Historic Preservation Incentive Tax Credit Program Overview

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1 Pennsylvania s New Historic Preservation Incentive Tax Credit Program Overview 1. Evolution of PA State Credit 2. Economic Benefit of State Credit 3. State and Federal Program Overview 4. Implementation Issues and Internal Dilemmas 5. Putting the Credit to Use

2 Use of the Federal Historic Preservation Tax Incentives Pennsylvania ranks 4 th in the nation for the number of approved projects in 2012 (53) Pennsylvania ranks 6th in the nation for the dollar value of projects completed in 2012 ($231,036,366) The only states ahead of Pennsylvania are those with an active state tax credit LA, MA, MO, VA, NY.

3 Other States 29 other states already have a state incentive: Missouri (ranked #2 in $ value) - between 1998 and 2008, over $2 billion was invested Virginia (ranked #2 in # of projects) - $316 million in the rehabilitation of 264 landmark buildings since 1997 Maryland (ranked #11 in # of projects) - $1.5 billion in direct expenditures that created $8.50 in economic output for every dollar invested by the State, and commercial projects have employed over 15,000 people.

4 Evolution of PA State Credit

5 Economic Benefit of State Credit

6 Starting Small Based on a $3 million/year credit for 10 years: $168 million in eligible expenditures annually is estimated to create $50 million in new State economic activity per year. A total of 8,954 net new jobs earning $480,000 in compensation State outlay of $ 30 million ($1.17 in public revenues is returned for each $1.00 of State investment.)

7 The Possibilities It is projected that $50 million per year (a typical cap in other states): would induce an additional $55 million to $110 million in historic preservation projects annually create an additional $130 million to $270 million in total economic impact each year support 1,200 to 2,300 jobs per year generate $3 million to $6 million in state tax revenues provide a 5% to 8% annual return on the public investment represented by the initial tax credit

8 Partnership Program The tax incentives program is administered in partnership by: 1. State Historic Preservation Offices (SHPOs) PHMC s Bureau for Historic Preservations serves as SHPO 2. National Park Service (NPS) 3. Internal Revenue Service (IRS) Each plays a specific role

9 Pennsylvania SHPO Serve as first point of contact for property owners. Provide application forms, regulations, information on appropriate treatments, and technical assistance. Maintain records of buildings and districts listed in the National Register of Historic Places, as well as state and local certified historic districts. Assist anyone wishing to list a building or a district in the National Register of Historic Places. Advise applicants on rehabilitation projects and make site visits. Make certification recommendations to the NPS.

10 National Park Service Reviews applications for conformance with the Secretary of the Interior s Standards for Rehabilitation. Issues certification decisions in writing Transmits copies of decisions to IRS Publishes program information: Regulations SOI Standards for Rehabilitation Historic Preservation Certification Application Technical guidance information on rehabilitation treatments.

11 Internal Revenue Service Publishes regulations on qualified rehabilitation expenses, time periods for incurring expenses, and all other financial matters. Answers inquiries on financial aspects of the program, and publishes an audit guide to assist owners. Audits taxpayers to ensure that only parties eligible for the 20% tax credits use them.

12 Partnership and Roles of 3 PA State Agencies 1. Department of Community and Economic Development Directs development of regulations, guidelines, applications with assistance from PHMC and Revenue Recipient of applications Issues tax credit certificate Assures equitable regional distribution of credits 2. Pennsylvania Historical and Museum Commission Verifies building is a qualified historic structure Reviews proposed rehabilitation plans Verifies completed projects Notifies DCED of amount of qualified expenditures 3. Department of Revenue Processes tax credit certificate Enforces State Tax Code and applies Internal Revenue Code

13 Eligibility Requirements There are 4 factors that can help you decide whether your rehabilitation project would meet the basic requirements for the federal or state tax credit: 1) The building must be a certified/qualified historic structure which means it must be: Listed in the National Register of Historic Places or Certified as contributing to the significance of a "registered historic district.

14 2) The project must meet the "substantial rehabilitation test" In brief, this means that the cost of rehabilitation must exceed the prerehabilitation cost of the building. Generally, this test must be met within two years or within five years for a project completed in multiple phases. The cost of a project must exceed the greater of $5,000 or the building s adjusted basis. The following formula will help you determine if your project will be substantial: A - B - C + D = Adjusted Basis A = purchase price of the property B = the cost of the land at the time of purchase C = depreciation taken for an income-producing property D = cost of any capital improvements made since purchase

15 Substantial Rehabilitation Test Purchase Price of Property $125,000 - value of land 40,000 - depreciation 0 + improvements 0 Value of the Building = $85,000 Applicant MUST spend more than $85,000 within a defined 24 month period to qualify for credit

16 3) The completed work must be a certified/ qualified rehabilitation according to the Secretary of the Interior's Standards for Rehabilitation. These are ten principles that, when followed, ensure the historic character of the building has been preserved in the rehabilitation. The Standards are applied to projects in a reasonable manner, taking into consideration economic and technical feasibility.

17 4) After rehabilitation, the historic building must be used for an income-producing purpose for at least five years. Credit subject to recapture if property is sold during 5 years Owner-occupied residential properties do not qualify for the federal rehabilitation tax credit. The credit is available only to properties rehabilitated for income-producing purposes, including commercial, industrial, agricultural, rental residential or apartment use.

18 Computing the Credit: Only qualified rehabilitation expenditures are eligible for the credit Costs directly related to repair or improvement of structural and architectural features of historic building that qualify include: Walls, partitions, ceilings, windows and doors, mechanical systems, elevators and stairs, etc Both hard and soft costs qualify Expenses that do not qualify include: Acquisition, Site Work, Appliances, Cabinets, Furniture, Additions and new construction Credit equals related % of all qualified rehabilitation expenditures $100,000 x 20% = $20,000

19 State Similarities to Federal Program 1) Programs uses Section 47 of Internal Revenue Code Eligible Applicants/ Qualified Taxpayers Eligible Taxes Certified/ Qualified Historic Structure Certified/ Qualified Rehabilitated Building Substantial Rehabilitation Test Building is placed in service for taxable use Commercial, industrial, agricultural, rental residential or apartment use Qualified Expenditures Syndication of credits is permissible

20 Similarities to Federal Program 2) Application Process* same as NPS process, reviewed by PHMC Part 1 Certified/ Qualified Historic Structure Building is listed in National Register Building is located in and contributes to a registered historic district Part 2 Certified/ Qualified Rehabilitation Plan Proposed rehabilitation must meet Secretary of the Interior Rehabilitation Standards Part 3 Certification of Completed Work * Project does not need to piggy-back w/ NPS program

21 Application Process Federal Owner prepares Historic Certification Application BHP verifies all information, offers recommendations Technical Preservation Services makes final certification decision IRS receives Owners return with Form 3468 and signed Part 3 application

22 Application Process - State Taxpayer prepares Historic Certification Application DCED receives application and forwards application to PHMC BHP reviews application makes final certification decisions and notifies DCED of final expenditures DCED issues tax credit certificate to taxpayer Revenue receives taxpayer s certificate to claim credit

23 Historic Preservation Certification Application Three Part Application Process 1)Part 1 Evaluation of Significance Verifies Certified Historic Structure 2) Part 2 Description of Rehabilitation Describes interior and exterior work Proposed work evaluated using the Standards 3) Part 3 Certification of Completed Work Verifies work was completed as proposed

24 Historic Preservation Certification Application Part 1 Evaluation of Significance Does it contribute to the historic district? Physical Description Statement of Significance Building Inventory from nomination Period of Significance District Map Photographs and Photo Key

25 Historic Preservation Certification Application Part 2 Description of Rehabilitation Describes proposed work by feature Interior and exterior Architectural Drawings Existing Floor Plans Proposed Floor Plans Elevations Additional photographs if necessary Credit Card Payment

26 Historic Preservation Certification Application Part 3 Request for Certification Placed in Service Date Building Rehab Costs New Construction Costs Original Signatures Fed ID Number

27 Potential pitfalls Submitting a Part 2 before all the design issues have been solved Proceeding with work before Part 2 approved Refusing to negotiate project changes in response to SHPO and NPS guidance and conditions. Assuming local review / approval = certification of rehabilitation for tax credits LIHTC Projects NPS Affordable Housing Case Studies PHFA Energy Performance Windows and exterior wall issues Unit size requirements Code Requirements ADA upgrades

28 Reasons for Denial Insufficient pre-rehab photographic documentation Already completed work does not meet Standards Too intense program for building and site Substantial interior demolition

29 IRS Provisions Affecting Use of Tax Credits At Risk Rules Taxpayer may only deduct losses and obtain credits from a real estate investment only extent that taxpayer is at-risk for investment Passive Activity Limitations Losses and credits form passive: income sources cannot be used to offset tax liability from active sources but there are two exceptions: General Passive Loss Rules Passive Credit Exemption Alternative Minimum Tax Government and Other Tax-Exempt Entities Disqualified Lease Provision

30 Implementation Issues and Internal Dilemmas for State Credit 1. Application forms, regulations and other program information are under development 2. Effective Date of Program is July 1, 2013 No Qualified Expenditures are allowable prior to this date 3. Application deadline for FY 2013 is February 1, 2014 but opening date is not confirmed 4. Timeline for approved projects is unclear 5. Incentive Dilemma v. Lottery System? How to approve projects based on incentive basis with respect to legislative language?

31 Implementation Issues and Internal Dilemmas for State Credit 5. Incentive Dilemma v. Lottery System? Cap on total amount of credits - $3M Cap on credits per project - $500,000 First-come, first served requirement Regional distribution requirement 6. Determine level of credit on expenditures incurred and to be incurred If approved for tax credits, amount will be based on 25 % of Part 2 estimated amount of qualified expenditures 7. Managing credits across multiple-year process: Ability to reserve tax credits for Approved Projects Credits taken upon approval of completed rehabilitation

32 Putting the Credit to Use One-time credit earned in full in the year the rehabilitated property is placed in service for federal tax purposes. Available only to the tax owner of the property at the time rehabilitation expenditures are placed in service. Investor must be admitted to the limited partnership as a partner before the rehabilitation expenditures are placed-in-service. Combining the Rehabilitation Tax Credit State Tax Credits PA credits are certificated as opposed to federal credits which are syndicated Facade Easement Donation Low-Income Housing Tax Credit New Market Tax Credits

33 PHMC Grant Opportunities Keystone Historic Preservation Grants Application deadline March 1, 2013

34 Keystone Historic Preservation Grants Eligible or Listed in the National Register of Historic Places Grant Awards range from $5,000 to $25,000 All Projects require a 50/50 cash match FY 2012 allocation $500,000 Reimbursable Grants

35 Keystone Historic Preservation Grants Construction Grants Must meet Secretary of the Interior's "Standards for the Treatment of Historic Properties" Gruber Wagon Works Berks County HMP Grant FY2007 KHP Grant FY 2008 Must be reviewed and approved by PHMC staff prior to construction Declaration of Covenants

36 Keystone Historic Preservation Grants Project Grants Now funded from the Keystone Uses separate application Same criteria as Construction Program Great tool for community planning

37 Keystone Historic Preservation Grants Archaeology Project Grants Development of regional site sensitivity models Research and artifact analysis Preparation of regional or temporal analysis Cultural Resource Surveys Historic Site Surveys Archaeological Surveys Thematic or Context Surveys

38 Keystone Historic Preservation Grants Project Grants National Register Nominations Historic Districts Individual Properties Planning and Development Historic structure reports or preservation plans Design guidelines Architectural plans and specifications Municipal or county planning documents

39 Keystone Historic Preservation Grants For More Information PHMC Website Select Preservation Programs» Grants and Funding» Grants PHMC egrant Website Keystone and Historic Preservation Project Grant Manager Karen Arnold (717)

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