Buildings and homes of more than 50 years old may be included in historic zones when they meet certain rigorous parameters specified in this regard. Regulations of these zones stand in the way of alteration of those structures from the original conditions though renovation and repairs in tune with the original historic plan is permitted. Buildings in these areas qualify for tax benefits and government incentives for preservation.
The National Historic Preservation Act was first passed in 1996 for preservation of heritage buildings and structures through co-operation among private landowners, developers and the federal government by providing economic incentives for preservation initiatives.
The said Act provides for National Register for Historic Places for listing of such eligible properties maintained by the National Park Service, which is a part of the US Department of Interior. In order to be listed the property must be significant in one or more ways to American society and culture.
There are multiple benefits of enlistment in the National Historic Register. Any such listed property can be preserved or renovated under federally funded projects. Moreover, such property is eligible to federal tax benefits for private restoration initiatives in the shape of 25 % investment tax credit for the rehabilitation of such income generating heritage property. In addition straight-line depreciation is allowed for a period of 27.5 years for such residential property and 31.5 years for such non-residential property. Federal tax deductions are also available for charitable contributions for preservation of such historic structures.
