Wiggin Properties has successfully secured for our clients and affiliated projects both federal and Oklahoma tax incentives awarded to rehabilitate historic and older buildings. These historic tax credits are issued for up to 20% of the amount the owner spends rehabilitating a qualified building. By carefully following the guidelines and rules, owners can receive a 20% federal tax credit and a 20% state tax credit.
Federal and State Historic Tax Credits are administered through a partnership between the State Historic Preservation Office, the National Park Service and the Internal Revenue Service.
Federal and State Historic Tax Credits are available for the rehabiliation of historic, income producing buildings including abandoned or underused schools, warehouses, factories, churches, retail stores, apartments, hotels and office buildings. The building must be a certified historic structure* and the project must be a certified rehabilitation*.
The first step in qualifying for Federal and State Historic Tax Incentives is for the State Historic Preservation Office (SHPO) to make the determination that the building is a certified historic structure. SHPO will also need to review the rehabilitation work before an application for historic tax credits may proceed.