REHABILITATION TAX CREDITS
Rehabilitation Tax credits are credits offered as an incentive to encourage the rehabilitation and restoration of historic structure. There are three main requirements that must be met to get this tax credit. The building must have been substantially rehabilitated, it must have been placed in service as a building before the beginning of the rehabilitation work, and must be considered a certified historic structure. The term “certified historic structure” is defined by IRC section 47(c)(3)(A). It is defined as any building (and its structural components) which is either (a) listed in the National Register, or (b) located in a registered historic district and is certified by the Secretary of the Interior to the Secretary of the Treasury as being of historic significance to the district.
This credit is only available for income-producing properties and not single family properties. This credit is for large projects where the cost of the rehabiliation must exceed the value of the property prior to the rehab.
http://www.dallascityhall.com/development_services/pdf/TaxIncentiveInformationPacket.pdf
http://www.irs.gov/pub/irs-mssp/rehab.pdf
http://www.thc.state.tx.us/historicprop/hpcredits.shtml
http://www.thc.state.tx.us/historicprop/hpcredits_vfruit.shtml
No comments:
Post a Comment