Colorado offers a state income tax credit to Colorado residents for the preservation and rehabilitation of historic properties. The credit is 20 percent of the qualified rehabilitation costs up to a maximum $50,000 credit per qualified property. The process consists of submitting two applications in sequence:
- A "part 1" application that describes the proposed modifications that you would like to make to the property.
- A "part 2" application that must be submitted within 60 days after work on a project is complete.
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APPLICATION REQUIREMENTS
- The Part 1 application for proposed work must be submitted before any work begins. If you have already started or completed work on your property before submitting a Part 1 application, this work cannot be retroactively approved.
- Work cannot begin until approval for the Part 1 application is received.
- A Part 2 application must be submitted within 60 days of the completion of the work.
ELIGIBILITY
Eligible Properties
Historically designated by:
- The National Register of Historic Places,
- The Colorado State Register OR
- Designated by a Certified Local Government (CLG)*, such as Denver
- Individually designated historic landmark or
- Contributing property in a Historic District (non-contributing properties are not elibible for tax credits)
Eligible Taxpayers
- Property owner, or
- tenant with lease of 5 or more years
Eligible Projects
- PLEASE NOTE: Work completed prior to obtaining preliminary approval will not qualify for the tax credit.
- Project must involve physical preservation, restoration or rehabilitation and must preserve the historic character of the property.
- Projects must meet certain historic preservation standards (the Secretary of Interior’s Standards for Rehabilitation).
- Rehabilitation costs must be over $5,000.
- Projects must be completed within 24 months (one extension of time may be applied for)
- Projects must receive approval prior to beginning work to ensure that all work meets the Secretary of the Interior’s Standards for Rehabilitation.