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A credit is allowed for a project that does not qualify under IRC Section 47 and that is pre-approved by the State Historic Preservation Officer. Upon completion of the project, the taxpayer must obtain certification from the State Historic Preservation Officer. The credit is equal to 25% of qualifying costs incurred after 2002, for property placed in service after June 30, 2003. The credit must be taken in five equal installments beginning in the year the property was placed in service. Any unused credit may be carried forward for five years.
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