National Park Service Approves Rehabilitation Tax Credit for Historic Building in Easton
Scranton, PA – Congressman Matt Cartwright announced today that the National Park Service has completed a favorable review of the rehabilitation work on the historic Governor Wolf Building in Easton, PA under the Federal Historic Preservation Tax Incentives Program. As a result of the inspection, a 20% federal tax credit on qualified rehabilitation expenses was awarded to the owners of the building. Tax credit recipients are eligible for this program when they extensively renovate a historic property and return it to useful service.
The Federal Historic Preservation Tax Incentives Program was created as a result of the Tax Reform Act of 1976. The program has generated over $69 billion in private investment in the rehabilitation of historic buildings. 2017 marks the 40th anniversary of the first certified project under this highly successful initiative.
“The federal tax credit not only helps preserve history, it is a cost-effective tool in ongoing efforts to revitalize our older urban neighborhoods and Main Streets across the industrial Northeast and Midwest,” said Cartwright. “The benefits include generating much-needed jobs, creating affordable housing, enhancing neighborhood property values, and stimulating other rehabilitation activity in the surrounding community.”