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South Carolina Historic Rehabilitation Incentives Certified Rehabilitation Application S1 -- Evaluat

South Carolina Historic Rehabilitation Incentives Certified Rehabilitation Application S1 -- Evaluat 2025

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The document outlines the Certified Rehabilitation Application process for owner-occupied residences in South Carolina seeking to be recognized as 'certified historic residential structures.' It details the evaluation criteria based on the National Register of Historic Places, required information and attachments for the application, and instructions for completing the form. The goal is to determine eligibility for state income tax credits related to historic rehabilitation.

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How to monetize historic tax credits?

Most recipients of historic tax credits (usually a developer or non-profit organization) choose to syndicate themto transfer the tax credits to an investor. Tax credit syndication requires the building owner and an investor to form a legal entity like a limited partnership or limited liability company.

What is the 10 year rule for tax credits?

10-Year Rule: The building is eligible for acquisition credit so long as the existing building was not placed-in-service during the 10-year period preceding the acquisition.

How to use historic tax credits?

After a project is certified to receive the HTC (Part 3 approved), the owner can use the credit to offset income tax liability dollar-for-dollar, beginning the year the building is placed in service (rehab is complete). It can be carried back one year and forward for up to 20 years.

What is the historic rehabilitation tax credit in South Carolina?

State Historic Rehabilitation Tax Credit: In South Carolina, taxpayers who qualify for the 20% federal income tax credit may also qualify for a state income tax credit of 10% or an optional 25% (not to exceed $1 million for each certified historic structure) of their rehabilitation costs under the South Carolina

How are historic tax credits monetized?

Monetization Process: Some state HTC programs provide for certificated credits, which essentially allow credits to be bought and sold. Other states require investors to be partners with the project sponsor in a similar manner to the federal HTC.

Can you sell historic federal tax credits?

Federal Historic Tax Credits are not sold directly to an investor. Investors become owners of the property as limited partners in a limited partnership or as members in a limited liability company.

South Carolina Historic Rehabilitation Incentives Certified Rehabilitation Application S1 -- Evaluat 2025

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What is the 10 year rule for tax credits?

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What is the historic rehabilitation tax credit in South Carolina?

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South Carolina Historic Rehabilitation Incentives Certified Rehabilitation Application S1 -- Evaluat 2025

Here's how it works

How to quickly redact South Carolina Historic Rehabilitation Incentives Certified Rehabilitation Application S1 -- Evaluat online

Complete this form in 5 minutes or less

Got questions?

How to monetize historic tax credits?

What is the 10 year rule for tax credits?

How to use historic tax credits?

What is the historic rehabilitation tax credit in South Carolina?

How are historic tax credits monetized?

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People also ask

Can you sell historic federal tax credits?

Related links

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