         |
| A
GUIDE TO THE FEDERAL HISTORIC PRESERVATION TAX INCENTIVES PROGRAM
FOR INCOME PRODUCING PROPERTY |
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|
QUESTION |
ANSWER |
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1. |
What is the 20% tax credit for rehabilitating historic buildings? How long has this credit been available? |
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2. |
Can the 20% federal tax
credit be used to rehabilitate an owner's private residence? |
|
3. |
To Qualify for the 20%
tax credit, does a building have to be individually listed in the
National Register of Historic places or included in a National Register
historic district? |
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4. |
What are the Secretary
of the Interior's Standards for Rehabilitation that are used to
evaluate projects that apply for the 20% tax credit? |
|
5. |
What are the basic requirements
that determine whether a project will be eligible for the 20% tax
credit? |
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6. |
What other factors might
affect project eligibility? |
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7. |
How does the IRS define
a "building" for purposes of the 20% tax credit for rehabilitating
historic buildings? |
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8. |
What expenses are eligible
and what expenses are ineligible to receive credit for which the
20% tax credit can be claimed in a rehabilitation project? |
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9. |
If the rehabilitation
work begins before the application is submitted, can the project
be approved while it is underway or when it is finished? |
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| 10. |
What is IRS involvement
in the 20% tax credit program? Where can the IRS regulations be
obtained? |
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| 11. | Where can complete information
on the 20% tax credit program be obtained? |