§ 105-129.70. (See note for repeal) Definitions. - North Carolina Statutes

Article 3H.

Mill Rehabilitation TaxCredit.

(See G.S. 105-129.75 for repeal of this Article.)

§ 105‑129.70.  (See notefor repeal) Definitions.

The following definitionsapply in this Article:

(1)        Certified historicstructure. – Defined in section 47 of the Code.

(2)        Certifiedrehabilitation. – Defined in G.S. 105‑129.36.

(3)        (Effective fortaxable years beginning before January 1, 2008) Cost certification. – Thecertification obtained by the State Historic Preservation Officer from thetaxpayer of the amount of the qualified rehabilitation expenditures or therehabilitation expenses incurred with respect to an eligible site.

(3)        (Effective fortaxable years beginning on or after January 1, 2008) Cost certification. – Thecertification obtained by the State Historic Preservation Officer from thetaxpayer of the amount of the qualified rehabilitation expenditures or therehabilitation expenses incurred with respect to a certified rehabilitation ofan eligible site.

(3a)      Development tierarea. – Defined in G.S. 143B‑437.08.

(4)        (Effective fortaxable years beginning before January 1, 2008) Eligibility certification.– The certification obtained from the State Historic Preservation Officer thatthe applicable facility comprises an eligible site and that the rehabilitationis a certified rehabilitation.

(4)        (Effective fortaxable years beginning on or after January 1, 2008) Eligibilitycertification. – The certification obtained from the State HistoricPreservation Officer that the applicable facility comprises an eligible site.

(5)        Eligible site. – Asite located in this State that satisfies all of the following conditions:

a.         It was used as amanufacturing facility or for purposes ancillary to manufacturing, as awarehouse for selling agricultural products, or as a public or private utility.

b.         It is a certifiedhistoric structure or a State‑certified historic structure.

c.         It has been at leasteighty percent (80%) vacant for a period of at least two years immediatelypreceding the date the eligibility certification is made.

d.         (Repealedeffective for taxable years beginning on or after January 1, 2008) The costcertification documents that the qualified rehabilitation expenditures for asite for which a taxpayer is allowed a credit under section 47 of the Code or therehabilitation expenses for a site for which the taxpayer is not allowed acredit under section 47 of the Code exceed three million dollars ($3,000,000)for the site as a whole.

(6)        Repealed by SessionLaws 2006‑252, s. 2.22, effective January 1, 2007.

(7)        Pass‑throughentity. – Defined in G.S. 105‑228.90.

(8)        Qualifiedrehabilitation expenditures. – Defined in section 47 of the Code.

(9)        Rehabilitationexpenses. – Defined in G.S. 105‑129.36.

(10)      State‑certifiedhistoric structure. – Defined in G.S. 105‑129.36.

(11)      State HistoricPreservation Officer. – Defined in G.S. 105‑129.36.  (2006‑40, s. 1; 2006‑252,s. 2.22; 2008‑107, s. 28.4(a).)