RACDC - Randolph's Designated Downtown Program
The State of Vermont, through the Downtown Development Board, has awarded Randolph the honor of being a Designated Downtown, an indication that we are vital and economically sustainable, with sound planning for the future. This designation is of great importance to Randolph's economic, business and cultural vitality, providing substantial tax credit benefits, preference in consideration of State and Federal funding for projects, and eligibility for direct grant funding.
Income-generating properties both residential and commercial - located within the designated downtown are eligible to apply for varying levels of tax credits when improvements are made.
- 10% tax credit for substantial rehabilitation of Certified Historic Buildings: A state income tax credit of 10% for the costs of substantially rehabilitating a certified historic building is available as an "add-on" credit for projects that qualify for the 20% Federal Rehabilitation Investment Tax Credit (RITC).
- 25% Tax Credit for Rehabilitation of Older or Historic Buildings: A state income tax credit of 25% is available for owners of lessees of buildings built prior to 1983 that undertake projects that cannot qualify for the 20% Federal RITC and 10% State "add-on" credit. Up to $25,000, this credit is for the 25% of costs of a large variety of building improvements.
- Sprinkler System Rebate: A rebate of up to $4,000 of the construction permit fees paid to the Department of Labor and Industry when installing a complete automatic fire sprinkler system, if the project receives either the 10% or 25% state building rehabilitation tax credits.
- 50% tax credit is available for elevators, lifts and sprinkler systems: A 50% state income tax credit is available to property owners and lessees for installing or improving an elevator, platform lift or sprinkler system to meet building codes
Contact us for further information or visit the Downtown Program web page.