TAX CREDITS Workshop Invitation
The Historic Preservation Office invites all building and property owners to attend a presentation on Federal and State Tax Credits and how they use them as a funding source for rehabilitating historic buildings. This event is on March 7, 2023, at 6:30 pm, in the City Council Chambers, 107 E. Kaufman, Paris.
Austin Lukes, Texas Historical Commissions Program Specialist and Tax Credit Reviewer, will be the facilitator. The presentation is free, and the public is everyone invited to attend the brief presentation followed by a question and answer session. They expect the workshop to last one hour, with refreshments served.
Texas Legislature passed House Bill 500, establishing a state tax credit for the certified rehabilitation of certified historic structures. They base the credit eligibility on buildings listed in the National Register of Historic Places, either individually or as part of a historic district, or designated as Recorded Texas Historic Landmarks or State Antiquities Landmarks.
The Paris Historic Commercial District is on the National Register of Historic Places. Therefore, properties within this district could be eligible for credit.
The credit is worth 25% of the eligible rehabilitation costs for the project, which must be at least $5,000 in value to qualify. Many projects have sought to pair the state tax credit with the federal 20% tax credit for rehabilitation, available for rehabilitating historic, income-producing buildings listed in or determined eligible for listing in the National Register for Historic Places.
Most rehabilitation costs qualify for the credits, such as structural work, building repairs, electrical, plumbing, heating and air conditioning, roof work, and painting. In addition, architectural and engineering fees, site survey fees, legal expenses, development fees, and other construction-related costs are also qualified expenditures if such charges are reasonable and added to the property basis.
This incentive is one of many opportunities to fund a renovation project. In addition, the City of Paris offers Tax Exemptions for the Rehabilitation of Historic Properties, Façade grants, and Building Improvement Grants. To find out more, visit Paristexas.gov.
To RSVP for the workshop, e-mail Cheri Bedford at firstname.lastname@example.org or call 903-784-9293.