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TAX CREDITS FOR COMMERCIAL PROPERTIES
Granacki Historic Consultants
TAX SAVINGS FOR
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TAX CREDITS FOR
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by Victoria Granacki
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Owners of historic rental housing and commercial properties may be eligible for an income tax credit when they rehabilitate their historic property. By spending money on an approved rehabilitation, owners can receive a one time credit against federal income taxes owed which is equal to 20% of the cost of the rehabilitation. Affordable multi-family housing projects can combine historic tax credits with low income housing tax credits.

Which properties are eligible?

Income producing properties including all commercial and
industrial building types; rental housing as small as 2 units and larger that also
  • are either listed individually on the National Register of Historic Places, or contribute to the significance of a designated National Register or local historic district in Chicago or Illinois, or elsewhere throughout the United States.


  • spend 25% of the adjusted basis of the property on the rehabilitation (roughly the current depreciated value).


  • meet historic design guidelines for the program as outlined in the Secretary of the Interior Standards for Rehabilitation.

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