§ 105-129.36. Credit for rehabilitating nonincome-producing historic structure.
§ 105‑129.36. Creditfor rehabilitating nonincome‑producing historic structure.
(a) Credit. Ataxpayer who is not allowed a federal income tax credit under section 47 of theCode and who makes rehabilitation expenses for a State‑certified historicstructure located in this State is allowed a credit equal to thirty percent(30%) of the rehabilitation expenses. If the certified historic structure is afacility that at one time served as a State training school for juvenileoffenders, the amount of the credit is equal to forty percent (40%) of theexpenditures that qualify for the federal credit. To qualify for the credit,the taxpayer's rehabilitation expenses must exceed twenty‑five thousanddollars ($25,000) within a 24‑month period. To claim the credit allowedby this subsection, the taxpayer must provide a copy of the certificationobtained from the State Historic Preservation Officer verifying that thehistoric structure has been rehabilitated in accordance with this subsection.
(b) Definitions. Thefollowing definitions apply in this section:
(1) Certifiedrehabilitation. Repairs or alterations consistent with the Secretary of theInterior's Standards for Rehabilitation and certified as such by the StateHistoric Preservation Officer.
(2) Rehabilitationexpenses. Expenses incurred in the certified rehabilitation of a certifiedhistoric structure and added to the property's basis. The term does not includethe cost of acquiring the property, the cost attributable to the enlargement ofan existing building, the cost of sitework expenditures, or the cost ofpersonal property.
(3) State‑certifiedhistoric structure. A structure that is individually listed in the NationalRegister of Historic Places or is certified by the State Historic PreservationOfficer as contributing to the historic significance of a National RegisterHistoric District or a locally designated historic district certified by theUnited States Department of the Interior.
(4) State HistoricPreservation Officer. The Deputy Secretary of Archives and History or theDeputy Secretary's designee who acts to administer the historic preservationprograms within the State.
(c) Recodified as G.S.105‑129.36A by Session Laws 2003‑284, s. 35A.2, effective July 15,2003. (1993, c.527, ss. 1, 2; 1997‑139, ss. 1, 2; 1998‑98, ss. 36, 69; 1999‑389,ss. 3, 5, 6; 2002‑159, s. 35(e); 2003‑284, ss. 35A.2, 35A.3; 2006‑40,ss. 3, 4.)