Historic Restoration Funding
Nebraska State Historic Tax Credit Program
The Nebraska Job Creation and Mainstreet Revitalization Act is jointly administered by the Nebraska State Historical Society (NSHS) and the Nebraska Department of Revenue (NDR). It provides $15 million in Nebraska Historic Tax Credits (NHTCs) to be allocated annually beginning Jan. 1, 2015, and ending Dec. 31, 2019.
This credit is equal to 20% of eligible expenditures incurred for improvements to qualifying historically significant real property and is limited to a $1 million tax credit per project. The NHTC can be claimed for the year the improvement is placed in service and may be carried forward until fully utilized or Dec. 31, 2024, whichever is earlier.
The NHTC may be used against income tax, the premium tax imposed on insurance companies or the franchise tax imposed on financial institutions. This credit is transferrable and subject to certain limitations.
The applicant must apply with the NSHS for certification of the historical status of the property, approval of the proposed improvements, and allocation of the NHTC. After completing the improvements and placing the property in service, the applicant must then apply with the NSHS for completed rehabilitation certification.
After the NSHS has certified the completed rehabilitation project, the applicant must submit information on the eligible expenditures to the NDR for review and approval. The NDR will notify the applicant of the approved eligible expenditures, the certified credit amount and the amount of the required fee to be paid to the NDR before any tax credit certificates are issued.
If you’re a developer with interest in the program, consult the Developers’ Guide to the Nebraska Job Creation and Mainstreet Revitalization Act.