Middletown Main Street hosts workshop on Historic Preservation Tax Credit Program
(Middletown, Delaware-April 17, 2007) Middletown Main Street will host a workshop about Delaware's Historic Preservation Tax Credit Program on Thursday, April 26 from 7 - 8 p.m. The free information session will be presented by Joan Larrivee, Deputy Director of the Delaware State Historic Preservation Office, in the council chambers at Middletown Town Hall, located at 19 W. Green Street.
Enacted in 2001, Delaware's Historic Preservation Tax Credit Program assists in preserving and rehabilitating historic buildings throughout the State by providing tax credit which is equal to a percentage of the cost of the rehabilitation, subject to other requirements of the program. Both income-producing and owner-occupied residential buildings may apply for these tax credits.
Jointly administered by the Delaware State Historic Preservation Office and the Delaware Division of Revenue, Delaware's program is unique in that it allows for Credit Awards to be transferred or assigned to anyone with Delaware income or franchise tax liability. Over the five years since its inception, the program has proven highly successful, generating over $79 million in private investment to rehabilitate 25 historic buildings.
Ms. Larrivee will discuss the criteria a building must meet in order to be eligible for the historic preservation tax credit program, what criteria the rehabilitation work must meet to qualify for the credit, as well as the application process for Delaware's Historic Preservation Tax Credit Program. The public is invited to attend the free, one hour information session. For more information, please contact the Middletown Main Street office at 302-378-2977.
