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
Applications must be made through the Town of Randolph, with assistance from RACDC.
Contact us for further information.
