Real Estate Tax Benefits, Credits and Incentives

Real Estate Tax Benefits, Credits and Incentives

Lewis & Munday is always looking for new and creative ways to help land owners and developers succeed. Federal and state laws provide significant tax credits and other incentives to credit investors, owners, lenders and developers of approved redevelopment, rehabilitation and renewal projects.  With the desire on the part of many owners and developers to avail themselves of numerous sources of project financing, Lewis & Munday has developed expertise in the following types of credits and incentives:

Conservation Easements

Under the Internal Revenue Code, a property owner can grant a conservation easement to a qualified nonprofit organization and claim a deduction based on the foregone use of the property. Easements can be granted on scenic properties as well as historic structures. Lewis & Munday has represented organizations receiving such easements and building owners granting easements on historic structures. We also advise clients that seek out and structure transactions that monetize conservation easements.

Michigan Community Revitilization Program

Beginning in 2012, Michigan eliminated State Historic and Brownfield Credits. The credits, however, have been replaced with the Community Revitalization Program, consisting of loans and grants to economic development projects. 

Donation Agreements

In the event a client has property which it desires to donate to a tax exempt organization, Lewis & Munday would be glad to prepare a donation agreement allowing the client to take advantage of the tax benefits of such a conveyance.