Tax Credits

The Advantages of the Historic and Renaissance Zone Tax Credits

Historic tax credits refer to the Federal tax program and provide a 20% Investment Tax Credit of the expenditures incurred to rehabilitate a historical building. Renaissance Zone tax credits provide for 25% or $250,000 in ND State tax credits for project expenditures.

Fargo’s downtown is in a historic district, which means that buildings have been surveyed, nominated and listed on The National Register of Historic Places and are individually designated as “pivotal, contributing, or non-contributing”. Buildings falling into the pivotal and contributing categories qualify for the federal and Renaissance zone tax credits. To receive the credits, a three-part application must be filed with both the State Historical Society and the National Park Service. Both agencies must approve the design and construction intent of the project prior to receiving the credits. This process is one that MJBA has done many times and for many different types of projects. Two local examples include the Great Northern Depot and the Northern School Supply Building (NDSU Downtown).

Call us if you are interested in finding out more about the programs. These programs will save you money!