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Fenway Park hits tax credit homer with new historic title

On Behalf of | Mar 9, 2012 | Tax Controversies

Boston, already full of historic places and American treasures, can now officially add one more to the tour; Fenway Park. The hundred-year-old ball park will forever be protected with its new designation on the National Register of Historic Places. As a thank you for all the preservation work done on the stadium the federal government will return at least $40 million in tax credits to the team.

In the last decade, the Red Sox ownership has spent $285 million on renovations including the new seats and removing the .406 Club glass. About $200 million of the improvements quality for preservation tax credits from both the federal and state governments. The Massachusetts Historical Commission nominated Fenway as a historic place in December and already handed over $11.4 million in tax credits.

The stadium was built on a landfill in 1912 for $650,000. It faced demolition in the 1960s and again in the 1990s. Boston assessors say it is now worth about $65 million. Engineers say Fenway should continue to be structurally sound for at least another 50 years.

Different states and municipalities encourage the designation of private property as historic landmarks through the use of planning, zoning, easements, tax abatements, deductions and other financial benefits. The MHC has a historic rehabilitation tax credit program for preservation projects including private and public properties, landscapes, sites and districts. If you believe your property may be important to our history, culture, architecture or archaeology, it might be worth applying for the National Register. You may receive several benefits including recognition, tax incentives, construction protection and grants.

Source: BostonHerald.com, “Fenway swings for $40M with historic designation,” Greg Turner, March 8, 2012


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