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Show RESULTS OF LISTING IN THE NATIONAL REGISTER Eligibility for Federal tax provisions: If a contributing property is listed in the National Register, certain Federal tax provisions may apply. The Tax Reform Act of 1986 revised the historic preservation tax incentives authorized by Congress in the Tax Reform Act of 1976, the Revenue Act of 1978, the Tax Treatment Extension Act of 1980, the Economic Recovery Tax Act of 1981, and Tax Reform Act of 1984, and as of January I, 1987, provides for a 20 percent investment tax credit with a full adjustment to basis for the "substantial rehabilitation" of historic commercial, industrial, and rental residential buildings. [The former 15 percent and 20 percent Investment Tax Credits (ITCs) for rehabilitations of older commercial buildings are combined into a single 10 percent ITC for commercial or industrial buildings built before 1936.] The Tax Treatment Extension Act of 1980 provides Federal tax deductions for charitable contributions for conservation purposes of partial interests in historically important land areas or structures. Whether these provisions are advantageous to a property owner is dependent upon the particular circumstances of the property and the owner. Because the tax aspects outlined above are complex, individuals should consult legal or professional counselor the appropriate local Internal Revenue Service office for assistance in determining tax consequences. For further information on certification requirements, please refer to 36 CFR 67. Eligibility for State tax provisions: S.B. No. 42 passed during the 1993 General Session of the Utah State Legislature created a state income tax credit for the rehabilitation of historic (i.e., National Register listed) residential buildings, either owner-occupied or rental. The credit is 20% of the cost of rehabilitation work totaling more than $10,000. All of the proposed rehabilitation work must meet the Secretary of the Interior's "Standards for Rehabilitation" and must be pre-approved by the State Historic Preservation Office. Rules implementing these tax provisions have been developed by the State Tax Commission. Contact the State Historic Preservation Office for more information and applications. Consideration in planning for Federal, federally licensed, and federally assisted projects: Section 106 of the National Historic Preservation Act of 1966 requires that Federal agencies allow for the Advisory Council on Historic Preservation to have an opportunity to comment on all projects affecting historic properties listed in the National Register. For further information, please refer to 36 CFR 800 or contact the Regulatory Assistance section of the . Division of State History. Consideration in issuing a surface coal mining permit: In accordance with the Surface Mining and Control Act of 1977, there must be consideration of historic values in the decision to issue a surface coal mining permit where coal is located. For further information, please refer to 30 CFR 700 et seg. Qualification for Federal or State grants for historic preservation when available: Presently, limited funding may be available through the Certified Local Government program. Direct grants to property owners are also occasionally available. For information about possible grants, contact the Office of Preservation, Utah Division of State History. : |
