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Humble Oil Company Building, Houston, Texas. Source

Tax Credit

Federal Historic Preservation Tax Incentives, National Park Service

• Incentives
• About the Tax Incentives (some repetition of the Incentives site)
• Fiscal Year 2004 Annual Report [Download as PDF file.]
• 36 CFR 67 Historic Preservation Certifications Pursuant to Section 48(g) and Section 170(h) of The Internal Revenue Code of 1986
• Historic Preservation Certification Application (Part I and II)
  • Application - Parts 1 and 2, Continuation / Amendment Sheet, Request for Certification of Completed Work. Download PDF file.
  • Instructions. Download PDF file. Not available on NPS site, 4/30/06.
  • Fee Payment Forms. Download PDF file. Not available on NPS site, 4/30/06.
• Issues to keep in mind to help plan your work in a way that meets the Standards — prior to submitting an application for review.
• Internal Revenue Service Connection
• Secretary of the Interior's Standards for Rehabilitation
• Illustrated Guidelines for Treatment of Historic Properties
  • Standards for Rehabilitation
• Illustrated Guidelines for Rehabilitating Historic Buildings
• Interpreting the Standards Bulletins

Rhode Island Historical Preservation & Heritage Commission (SHPO) Tax Credits & Loans:

• Overview
• Commercial Tax Credits
• Homeowner Tax Credit

Definitions (Wikipedia)

• Cost basis
• Adjusted basis
• Capital gains
• Depreciation
• Accelerated depreciation
• Amortization

GrowSmart Rhode Island

• Rhode Island Historic Preservation Investment Tax Credit — Economic & fiscal Impact and Analysis (PDF file)

National Trust for Historic Preservation

• State Tax Incentives for Historic Preservattion, A State-by-State Summary, Spetember 2005 (PDF file)
• Brief (PDF file), The Community Restoration and Revitalization Act, HR 1043, S 584.

Questions

1. What is a "tax credit"? a
2. How is the Federal Historic Preservation Tax Incentives Program administered? a
3. What is a "certified rehabilitation"? a
4. What are the four treatments listed in the Secretary of the Interior's Standards for the Treatment of Historic Properties? a
5. What is a "certified historic structure"? a
6. What is "historic character"? a
7. Wha are "character-defining features"? PB 17, PB 18, and Walk Through.
8. Durign a rehabilitation, what are typically address in the inappropriate treatment of features? a
9. How does the IRS define a "building"? a
10. What are the basic requirements that determine whether a project will be eligible for the 20% tax credit?a
11. Does a structure have to be individually listed in the National Register of Historic Places or included in a National Register historic district to be eligible for the 20% tax credit? a
12. What is the "substantial rehabilitation test"? The length of time a project has to meet the test? a (factor 3)
13. List items that are eligible and ineligible to receive tax credit. a
14. What are the three parts of the Historic Preservation Certification application process? a
15. Do all the parts of the application have to be submitted together or should they be submitted separately? a
16. Who does an owner submit a completed application to? a
17. What does a property owner do if the building is not listed on the National Register? a (scroll down)
18. Does an owner have to retain the services of a professional to complete a Hsitoric Preservation Certification application? a
19. What comprises a complete Historic Preservation Certification Application? a
20. Can photographs be digital? a
21. What preservation services can be employed for tax-credit projects and how do these relate to the application? a