The certified historic residential structure credit is available for "rehabilitation expenses" to a "certified historic residential structure," as those terms are defined below. The credit is available if the expenses are incurred in taxable years beginning after 2002 and if the property is placed in service after June 30, 2003.
The credit is 25% of rehabilitation expenses, which must exceed $15,000 within a 36-month period. The credit has to be taken in equal installments over a 5-year period. Any unused amount from an installment can be carried forward for five years.
A taxpayer may not claim more than one credit on the same certified historic residential structure within 10 years.
SC TC 22
