§ 42-64.9-6.1 - Certified building rehabilitation.
SECTION 42-64.9-6.1
§ 42-64.9-6.1 Certified buildingrehabilitation. – (a) A certified building shall be treated as having been substantiallyrehabilitated only if the reconstruction and rehabilitation expendituresincurred during the twenty-four (24) month period selected by the certifiedbuilding owner and ending with or within the taxable year in which therehabilitated certified building is first placed in service by the certifiedbuilding owner meet the definition of "substantial rehabilitation" set forth in§ 42-64.9-4(13). For purposes of determining whether the requirements of§ 42-64.9-4(13) have been met, the market value of the certified buildingshall be determined at the beginning of the 1st day of such twenty-four (24)month period.
(b) Special rule for phased rehabilitation. In thecase of any rehabilitation which may reasonably be expected to be completed inphases set forth in architectural plans and specifications completed before therehabilitation begins, subsection (a) of this section shall be applied bysubstituting "sixty (60) month period" for "twenty-four (24) month period."