If you live in one of the 31 states (as of 2011) that have adopted tax credits for historic building renovations, you may be able to double up your savings [source: National Trust for Historic Preservation]. The thought in most states is that older, historic buildings are frequently found in traditional economic centers like downtowns, and the increased value due to renovation doesn't stop at your property boundary. Renovating a property can help renovate a neighborhood, and your state may be willing to help you do it.
One big bonus: Many state tax incentives aren't limited to income-generating buildings. In other words, while the federal tax incentives are limited to businesses, you may be able to get a state tax incentive for renovating your own home. Additionally, you may not need to be listed individually in the NRHP in order to be eligible. Instead, consider researching this credit if your property contributes to the character of a designated historic district or if it's been locally designated as a landmark.