A historic structure is a building officially recognized for its historic significance, thereby receiving a special income tax status. This status encourages restoration and discourages demolition or significant alteration. Qualified rehabilitation expenses for certified historic structures are eligible for a 20% tax credit.
Renovate refers to the process of upgrading or improving an existing structure, aiming to either restore it to its original condition or modernize it while preserving its general appearance. This process typically involves more extensive changes than remodeling but less than rehabilitating.
