certified historic structure


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certified historic structure

As defined by the IRS for purposes of the rehabilitation tax credit (popularly known as the historic preservation tax credit),any building,portion of a building,bridge, ship, railroad car, dam, or any other structure that is either listed in the National Register of Historic Places or located in a registered historic district and certified by the U.S.Department of the Interior as being historically significant to the district.

Certified Historic Structure

A structure listed on the National Register of Historic Places or located in a designated historic area. The IRS Code provides tax incentives for the rehabilitation of such structures.
References in periodicals archive ?
For certified historic structures, a tax credit of 20% of qualified expenditures is allowed.
The Code and regulations define "conservation purposes" for historic easements as required in IRC [section] 170(h) to include preservation of a "certified historic structure," including any building, structure or land area listed in the National Register of Historic Places or any building located in a registered historic district with regard to which it is certified as historically significant by the Department of the Interior (which via the National Park Service administers the National Register) (IRC [section] 170(h)(4)(C)(ii) and Treas.
The contributed easement must have a conservation purpose (i.e., preserving land areas for outdoor recreation or public enjoyment, protecting a relatively natural habitat or ecosystem, preserving open space for the enjoyment of the general public or pursuant to a governmental conservation policy, or preserving an historically important land area or certified historic structure) in order to qualify for the deduction.
A certified historic structure means a building is listed in the National Register of Historic Places or located in a registered historic district and certified by the Park Service as contributing to the historic significance of that district.
In 2003, the apartment building was classified as a certified historic structure. Later that year, Herman contributed an easement to the National Architectural Trust Inc.
Historic preservation: This may be met by showing the preservation of a "historically important land area" or "certified historic structure." The legislative history describes a "historically important land area" as one that is important in its own right or in relation to "historic structures."
The term "certified historic structure" is defined by IRC Section 47 as any building (and its structural components) which is either listed in the National Register of Historic Places or located in a registered historic district and is certified by the Secretary of the Interior as being of historic significance to the district.
* Preservation of historically important land or a certified historic structure.
* Preservation of a historically important land area or a certified historic structure.
The qualified expenditures include any amount charged to a capital account for which depreciation is allowed and which is nonresidential real property" or residential rental property (but only if a certified historic structure).
* A building must be a certified historic structure listed in the state's register or the National Register individually, or as a building that stands in a designated local historic district;
Facade preservation easements permanently prevent demolition, neglect and insensitive alterations to the exterior facade of a certified historic structure. By donating a facade preservation easement in perpetuity to a qualified 501(c)(3) nonprofit charitable organization, such as Preservation Easement Trust, the property owner promises to maintain the easement-protected property while adhering to the easement restrictions.

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