A tax credit workshop for Lewes historic property owners will be held at 7 p.m., Friday, Sept. 6, at Lewes City Hall, sponsored by The City of Lewes Historic Preservation Commission.
The workshop will be held to assist Lewes property owners who are preserving and rehabilitating their historic buildings. Both interior and exterior renovation projects of contributing structures may qualify for Delaware and/or federal tax credits.
Annually the Delaware Legislature sets aside $5millionto support property owners of both commercial and residential communities to improve their historic properties through either interior or exterior renovations. These awards can be made retroactively for work done since 2001.
Owner-occupied buildings or a part of a building, such as a condominium, may receive a tax credit equal to 30 percent of the rehabilitation costs; for income-producing rental properties the percentage is 20 percent.
Projects which quality for Delaware’s low income tax credits may receive additional incentives. Delaware’s tax credits are transferable; they may be sold or assigned to others who possess Delaware income or franchise tax liability.
The presenter will be Joan Larrivee, state tax credit program coordinator for the Division of Historical and Cultural Affairs
For more information go to history.delaware.gov/preservation/taxcredit.shtml.