rehabilitation tax credit

rehabilitation tax credit

Credits against income taxes for expenses associated with the renovation, restoration, or reconstruction of certain buildings.The credit is 10 percent of the expenses for buildings placed in service before 1936, and 20 percent for certified historic structures. For properties located in the GO-Zone (certain named states and counties suffering 2005 hurricane damage) the credit was increased to 13 and 26 percent, respectively, for expenses incurred after August 27, 2005, and before January 1, 2009.

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Six weeks later, FNBC was required to disclose that it had discovered errors in its accounting for Federal and State Historic Rehabilitation tax credit entities that could require FNBC to restate its previously reported 2015 financial results.
Thirty-five other states offer a historic rehabilitation tax credit program; it is time for Oregon to join those ranks.
Seal Energy Solutions of North Little Rock, which designed the array, put together financing incentives--the Solar Investment Tax Credit, Arkansas Rehabilitation Tax Credit (historic tax credit) and depreciation incentives--that it says will combine to provide a 30-year 11.99 percent rate of return.
By working with Drake, she and her husband learned about the state's historic rehabilitation tax credit program and the federal historic tax credit program.
Also, income tax expense for the three months ended December 31, 2016 was reduced by $288 thousand for a rehabilitation tax credit related to a low income housing investment project.
but most mirror the rehabilitation tax credit provided at the Federal
Fortunately, real estate investors can tap into the Building Rehabilitation Tax Credit.
Blais, president and CEO of Worcester Business Development Corp., referred him to Maynard-based Epsilom Associates, which helped prepare an application for a Massachusetts Historic Rehabilitation tax credit. The total cost of the project is expected to be approximately $655,000.
NEW ORLEANS: The historic Saenger Theatre, a Crescent City jewel tarnished by Katrina, has reemerged after a $53-million renovation under the aegis of a National Rehabilitation Tax Credit program.
The recommendations include revisions to the National Flood Insurance Program; reforms to the Federal Housing Administration; eliminating or reducing tax breaks on private real estate; enhancements to the Low Income Housing Tax Credit; improvements to the Rehabilitation Tax Credit; the creation of individual mortgage savings accounts; and a new program to finance infrastructure rehabilitation.
Rehabilitation expenditures include nonrecourse financing in the cost or other basis of the property (for purposes of the rehabilitation tax credit) only if (1) the property is acquired by the investor from an unrelated person; (2) the amount of the nonrecourse financing with respect to the property does not exceed 80% of the cost or other basis of the property; (3) the financing is not convertible debt; and (4) the financing is borrowed from a "qualified person" or represents a loan from any federal, state, or local government or instrumentality thereof, or is guaranteed by any federal, state, or local government.

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