| |
Federal 20%
|
Federal 10%
|
State 20%
|
|
Building must be: |
Listed individually in the National Register; OR considered
eligible for listing; OR a contributing building in a historic
district listed in the National Register |
Built before 1936; not individually eligible for listing in
the National Register; AND not contributing to a historic district
|
More than 50 years old; listed in the State Register OR landmarked
by a Certified Local Government (CLG)
|
| Eligible buildings:
|
Income-producing properties, including commercial, industrial,
agricultural, or rental residential
|
Income-producing (non-residential)
|
All buildings meeting the requirements listed above
|
| Minimum costs of rehabilitation:
|
More than $5,000 OR the adjusted basis of the property, whichever
is greater
|
More than $5,000 OR the adjusted basis of the property, whichever
is greater |
More than $5,000 |
| Maximum credit: |
Unlimited |
Unlimited |
$50,000
|
| Time limit: |
24 months; if in phases, 60 months total |
N/A |
24 months |
| Credits can be carried forward: |
20 years (also back one year) |
20 years (also back one year) |
10 years |
| Rehab requirements: |
Must follow the Secretary of the Interior’s Standards
for Rehabilitation |
50-75% of the building’s walls must remain |
Must follow the Secretary of the Interior’s Standards
for Rehabilitation |
| Fees: |
$250 for Part 2; $500-2,500 for Part 3 (depending on rehabilitation costs) |
None |
$250 for Part 1 (may be waived in some cases);
$250-750 for Part 2 (depending on rehab costs) |
| Reviewed by: |
SHPO and NPS; IRS |
IRS |
CLG or SHPO; State Dept. of Revenue |
| Credits claimed: |
The year in which the building is placed in service; for
phased projects & buildings open during work, the year
substantial rehabilitation test is met |
The year in which the building is placed in service; if building
is open during work, the year substantial rehabilitation test
is met |
The year work is completed; official verification (Part 2)
is needed |
| Process: |
Part 1 determination of eligibility (if needed)
Part 2 reviewed; Part 3 reviewed; Project certified
File IRS Form 3468
|
Part 1 determination of non-eligibility (if needed)
Project approved
File IRS Form 3468
|
Part 1 reviewed by CLG or SHPO;Part 2 reviewed (and project
certified) by CLG or SHPO
*No application needed if also claiming 20%
federal credit
|
