Press Release
New Tax Credit Program Creates Jobs, Builds Local Economies, and Preserves Historic Places
Denver - In 1990, Colorado became one of the first states in the nation to offer state tax credits for historic preservation projects. Now in its 25th year, the tax credit has generated thousands of jobs and billions of dollars in tax revenue and economic activity, as well as led to the successful preservation of a multitude of historically significant properties.
Since 1991, more than 950 rehabilitation projects have used the state tax credit to preserve and protect Colorado’s historic buildings, including everything from Denver’s Union Station, which garnered more than $8 million in tax credits, to the Routt County National Bank in Steamboat Springs, which received $350,000 in tax credits.
Starting July 2015, the State of Colorado will introduce a new and improved preservation tax credit that offers even more benefits to owners of historic buildings. The new tax program offers financial incentives for both residential and commercial properties. In order to be eligible for the tax credit, residential and commercial buildings must be at least 50 years old and locally landmarked or listed on the State Register. Commercial properties must also produce income.
Tax credit projects generate jobs, fuel the economy, and preserve historic properties. Applications will be available online starting July 8, 2015.
Residential: The Colorado residential preservation tax credits is managed by History Colorado’s Office of Archaeology and Historic Preservation. Applicants are urged to contact History Colorado as early as possible to ensure all requirements are met. Learn more on the History Colorado website.
Commercial: The Colorado commercial preservation tax credit is managed jointly by the Colorado Office of Economic Development and International Trade (OEDIT) and History Colorado’s Office of Archaeology and Historic Preservation.
- Applicants are urged to contact History Colorado about architectural and construction requirements. Learn more on the History Colorado website.
- Applicants are urged to contact the Colorado the Office of Economic Development and International Trade about program administration and applying for the credit. Learn more on the OEDIT website.
###
History Colorado's mission is to inspire generations to find wonder and meaning in our past and to engage in creating a better Colorado. We serve as the state's memory, preserving the places, stories, and material culture of Colorado through our museums, educational programs, historic preservation grants, research library, collections, and outreach to Colorado communities. Find History Colorado on all major social media platforms. Visit HistoryColorado.org or call (303) HISTORY for more information.