The Federal Historic Preservation Tax Incentives program, administrated by The United States National Park Service (NPS), encourages private sector investment in the rehabilitation and re-use of historic buildings. NPS publishes annual estimates of economic contributions from the investments made in a given year and to date. The economic contribution estimates show the gross impact of the investments on the economy but do not account for the magnitude of the tax credit as an incentive for investment. Estimates of the scope and magnitude created by the tax credit will help better understand its effectiveness.  This analysis uses an econometric model to estimate the impact of historical preservation tax credit on the change in investment of historical buildings.  In addition, this paper identifies factors which influence an individual's decision to invest in preservation projects and which may therefore explain the recent growth in such activities. Special attention is paid to the impact of various types of state and Federal fiscal stimuli on the growth of preservation expenditures.