59-10-1006 - Historic preservation tax credit. - Utah Statutes

59-10-1006. Historic preservation tax credit.
(1) (a) For tax years beginning January 1, 1993, and thereafter, there is allowed to aclaimant, estate, or trust, as a nonrefundable tax credit against the income tax due, an amountequal to 20% of qualified rehabilitation expenditures, costing more than $10,000, incurred inconnection with any residential certified historic building. When qualifying expenditures ofmore than $10,000 are incurred, the tax credit allowed by this section shall apply to the fullamount of expenditures.
(b) All rehabilitation work to which the tax credit may be applied shall be approved bythe State Historic Preservation Office prior to completion of the rehabilitation project as meetingthe Secretary of the Interior's Standards for Rehabilitation so that the office can providecorrective comments to the claimant, estate, or trust in order to preserve the historical qualities ofthe building.
(c) Any amount of tax credit remaining may be carried forward to each of the fivetaxable years following the qualified expenditures.
(d) The commission, in consultation with the Division of State History, shall promulgaterules to implement this section.
(2) As used in this section:
(a) "Certified historic building" means a building that is listed on the National Register ofHistoric Places within three years of taking the credit under this section or that is located in aNational Register Historic District and the building has been designated by the Division of StateHistory as being of significance to the district.
(b) (i) "Qualified rehabilitation expenditures" means any amount properly chargeable tothe rehabilitation and restoration of the physical elements of the building, including the historicdecorative elements, and the upgrading of the structural, mechanical, electrical, and plumbingsystems to applicable codes.
(ii) "Qualified rehabilitation expenditures" does not include expenditures related to:
(A) a claimant's, estate's, or trust's personal labor;
(B) cost of acquisition of the property;
(C) any expenditure attributable to the enlargement of an existing building;
(D) rehabilitation of a certified historic building without the approval required inSubsection (1)(b); or
(E) any expenditure attributable to landscaping and other site features, outbuildings,garages, and related features.
(c) "Residential" means a building used for residential use, either owner occupied orincome producing.

Renumbered and Amended by Chapter 223, 2006 General Session