Section 47 of the Internal Revenue Code provides a federal income tax credit equal to 20% of qualified rehabilitation expenditures for certified historic structures rehabilitated for income-producing use. For expenditures paid or incurred after 2017, the credit is claimed ratably over five years.
Applicants submit a three-part application: Part 1 evaluates whether the building is a certified historic structure; Part 2 describes the proposed rehabilitation; Part 3 requests certification of the completed work. The State Historic Preservation Office reviews and makes the certification decision. The IRS administers the tax rules, including which expenditures qualify. The credit is claimed on the tax return of the owner or its partners; the agencies do not award it.
It is commonly provided by an investor admitted as a credits cannot be sold apart from the ownership interest, and the IRS requires the investor to be a bona fide partner (see Rev. Proc. 2014-12). The investor's contribution can help fill in a gap in a project's financing.
Yes. If the building is sold or otherwise disposed of, or stops qualifying, within five years after it is placed in service, part of the credit is recaptured, at a declining rate if 100%, 80%, 60%, 40% and 20% year by year. Changes in ownership interests, and alterations that do not meet the Secretary of the Interior's Standards, can also cause loss or recapture of credits.
Only verified accredited investors.
We market this offering publicly under rule 506(c), the law requires us to take reasonable steps to verify every investor's accredited status. Self-certification is not sufficient.
No. Investments in historic redevelopment are speculative and illiquid, and investors can lose all of their investment. Tax credits may be reduced, denied or recaptured. Past results of our principals do not predict future results.
No. Tax consequences vary by investor. Consult your own tax and legal advisors.
Historic Ventures, LLC ("Historic Ventures") is offering securities only to accredited investors in a private offering under Rule 506(c) of Regulation D under the Securities Act of 1933 (the "Securities Act"). Nothing on this website is an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction where the offer or solicitation would be unlawful. Any offer will be made only through a confidential private placement memorandum and related documents (the "Offering Documents") to persons whose accredited investor status has been verified. This website is a summary and is qualified in its entirety by the Offering Documents. The securities have not been registered under the Securities Act or any state securities law, have not been approved or disapproved by the Securities and Exchange Commission or any state regulator, and are subject to restrictions on transfer. There is no public market for them. Investing involves a high degree of risk, including the loss of the entire investment. Descriptions of prior projects are historical. They concern projects completed by principals of Historic Ventures through other entities and partnerships, not by Historic Ventures, and past results are not a guarantee or indication of future results. Statements about future events are forward-looking, depend on assumptions that may not prove correct, and are subject to the risks described in the Offering Documents. This website is not tax, legal or investment advice; consult your own advisors. Third-party names are used for identification only and do not indicate sponsorship, endorsement or affiliation.
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