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These are tax credits, not deductions. Rather than sending the State the amount at the bottom of the tax form, the money can be spent to rehabilitate "historic" property if previously approved.
HERE'S WHAT YOU GET:
A STATE TAX CREDIT EQUALING 25% OF QUALIFIED CAPITAL EXPENDITURES. THE CREDIT MY BE USED OVER 10 YEARS.
It doesn't matter whether your savings or checking account, bank loan, credit card or CDBG loan paid for the work.
The tax credits are available to all tax-payers. this includes corporations, partnerships, sole proprietorships and individuals.
The tax credits are available for all types of buildings, regardless of current or future use. This means houses, stores, apartment buildings, offices, schools, churches, factories, etc.
The tax credits are available to tax-paying owners of property or holders of long term leases or leases with option to buy.
QUALIFICATIONS:
1. The property must be a contributing resource in Local Historic District. The federal definition of "historic resource" is generally a building at least 50 years old which still has a majority (50%+) of its original exterior architectural features. It can be in good condition, fancy or humble.
2. Qualified expenditures must equal or exceed 10% of the S.E.V. Capital expenditures are for appropriate work to rehabilitate and/or restore the exterior/interior. Capital expenditures may be allowed for non-historic additions or work if required by State or Federal regulations that relate to historic preservation, safety or accessibility.
3. Projectsw that qualify for the Federal historic tax credit must apply for it. This does NOT apply to owner-occupied residential property.
For more information contact Stephanie Whitbeck, Historic district Commissioner, at 372-3672, or call
Sue Cantlin, Preservation Planner at 483-4084.
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