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Historic Preservation Tax Credit
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This federal program provides a 20% tax credit for rehabilitation expenditures for structures within the Morrilton Historict District or any other Conway County historic properties on the National Historic Register:
The building must be depreciable property – rental or commercial on the National Historic Register or within the Morrilton Central Business District (which has been identified as a potential historic district).
Restoration must be substantial – exceeding the adjusted basis of the property (purchase price less value of the land) or a minimum expenditure of $5,000 (if the property has been depreciated).
Rehabilitation expenditures that qualify include items directly related to the repair of the structure (architectural fees, engineering fees, paint, wiring, plumbing, roof repair, etc).
Tax credit can be carried back three years and forward 15 years.
For additional information on rules and regulations and sample applications contact the Arkansas Historic Preservation Office at 501-324-9785.
Historic Preservation Certification applications may also be downloaded HERE
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