Heritage building tax perks eyed
A BILL seeking to provide tax relief and credit benefits to private owners of cultural and heritage buildings has been filed in the Senate, aimed at better facilitating cultural heritage protection.
Senate Bill No. 1852, filed by Senator Lorna Regina B. Legarda, seeks to provide tax breaks, fiscal relief, and financial support for owners of heritage properties.
“By providing tax incentives, fiscal relief, and other financial support, the measure reduces the pressure to sell or demolish heritage properties, while encouraging owners to conserve and adapt them for sustainable use,” she said in the explanatory note.
Eligible owners, administrators, trustees, authorized third parties, or donors may apply for incentives under the bill.
The proposed measure exempts Grade I and II properties from estate tax, capital gains tax, documentary stamp tax, or value-added tax (VAT) on ownership transfers.
Property owners of Grade III heritage sites may also be exempt from real property tax depending on local government ordinances.
Grade I heritage sites are the highest-level cultural properties such as World Heritage Sites, National Cultural Treasures, and National Historical Landmarks; while Grade II sites include cultural assets like works of National Artists, marked structures at least 50 years old, and archival materials.
Grade III sites cover all other properties listed in the National Registry that are not classified as Grade I or II.
It also proposes that business operations within heritage sites are subject to a 5% reduction in gross income tax, along with double deduction for expenses on repair, restoration, or maintenance.
Restoration expenses for Grade I and Grade II properties can also be claimed as tax credits, while the importation of materials for restoration are also free of import duties and VAT. — Adrian H. Halili
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