Get the POWER of PRO!
Support Center > Knowledge base> Article: Utah Historic Preservation Tax Credit

Utah Historic Preservation Tax Credit

Article ID: 34555 Email Print
Question
Utah Historic Preservation Tax Credit

Answer
General Instructions
A nonrefundable credit may be claimed against Utah individual income tax or fiduciary tax (see UC º59-10-1006) of 20 percent of qualified rehabilitation expenditures costing more than $10,000 incurred in connection with any residential certified historic building. When qualifying expenditures of more than $10,000 are incurred, the credit shall apply to the full amount of expenditures.
This credit is allowed only against any Utah tax owed beginning in the tax year in which the project receives final certification by the State Historic Preservation Office.
Part B of this form must be completed and signed by an authorized representative of the State Historic Preservation Office, 300 S Rio Grande St, SLC, UT 84101; telephone 801-533-3503; history.utah.gov/historic_buildings/financial_assistance/index.html.
Taxpayers must file an application for approval of all proposed rehabilitation work with the State Historic Preservation Office prior to the completion of restoration or rehabilitation work on the project. The application shall be on a form provided by the Division of State History. It is recommended you file your application before starting work.
Rehabilitation work must receive a unique certification number from the State Historic Preservation Office in order to be eligible for the tax credit.
In order to receive final certification and be issued a unique certification number for the project the following conditions must be satisfied:
1. The project must be completed.
2. Upon completion of the project, the taxpayer shall notify the State Historic Preservation Office and provide that office an opportunity to review, examine, and audit the project. In order to be certified, a project shall be completed in accordance with the previously approved plan and the Secretary of the Interior's "Standards for Rehabilitation."
3. Taxpayers restoring buildings not already listed on the National Register of Historic Places shall submit a complete National Register Nomination Form. If the nomination meets National Register criteria, the State Historic Preservation Office shall approve the nomination. The building must be listed in the National Register within 3 years of the approval of the complete project.
4. Projects must be completed and the $10,000 expenditure threshold met within 36 months of the original project approval.
5. During the course of the project and for three years thereafter, all work done on the building shall comply with the Secretary of the Interior's "Standards for Rehabilitation."
Taxpayers must calculate the amount of credit claimed in Part C. Credit amounts greater than the amount of Utah tax due in the initial credit tax year may be carried forward to each of the following five taxable years. Historic preservation tax credits carried forward shall be applied against Utah tax due before the application of any historic preservation credits earned in the current year and on a first-earned, first-used basis. Do not send this form with your return. Keep this form and all related documents with your records. If you need further information, please contact the Utah State Tax Commission at 801-297-2200 or toll free 1-800-662-4335 if outside the Salt Lake City area.

 


related articles

Article Details
Views: 298 Created on: Jun 15, 2013
Date updated: Oct 10, 2014

Poor Outstanding