Vermont’s Downtown and Village Center tax credit program is one of the primary benefits of Downtown and Village Center designation, and supports revitalization seen in community centers across the state.
In 2015, $2,200,000 in state income tax credits are available to projects that enhance the historic character and improve building safety of older and historic commercial buildings in these designated communities. The credits support general rehabilitation work, code compliance work, data and network wiring, and exterior improvements, and may be combined with the federal program.
This year, legislative changes to the program include updates to make the tax credits more useful and effective. A new tax credit, of up to $40,000, is now available for affordable elevators known as LULAs (Limited Use Limited Application), and the cap for state building code-required improvements increases from $25,000 to $50,000.
Applications for the next round of tax credits are due July 1, 2015 by 4:30 pm and the Vermont Downtown Board will make is allocation decisions when it meets July 27, 2015.
The application is now available on the Vermont Agency of Commerce and Community Development website. Applications can be submitted electronically to [email protected] or to:
Caitlin Corkins
State of Vermont
Division for Community Planning & Revitalization
One National Life Drive
Davis Building, 6th Floor
Montpelier, VT 05620-0501
Please feel free to call or e-mail Caitlin if you have any questions regarding the application or the program itself.