rehabilitation tax credit

rehabilitation tax credit

Credits against income taxes for expenses associated with the renovation, restoration, or reconstruction of certain buildings.The credit is 10 percent of the expenses for buildings placed in service before 1936, and 20 percent for certified historic structures. For properties located in the GO-Zone (certain named states and counties suffering 2005 hurricane damage) the credit was increased to 13 and 26 percent, respectively, for expenses incurred after August 27, 2005, and before January 1, 2009.