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CREDIT FOR REHABILITATION OF HISTORIC PROPERTIES - maine

CREDIT FOR REHABILITATION OF HISTORIC PROPERTIES - maine 2025

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The document is a worksheet for claiming tax credits for the rehabilitation of historic properties in Maine for the tax year 2012. It outlines the necessary steps and requirements for taxpayers, including details on certified qualified rehabilitation expenditures, applicable credit percentages, and instructions for both federal and state certifications. The worksheet also includes sections for reporting ownership in pass-through entities and recapture provisions related to the credit.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your taxpayer name and EIN/SSN at the top of the form. Ensure accuracy as this information is crucial for processing.
Input the beginning and ending dates of the tax year relevant to this worksheet. This establishes the timeframe for your rehabilitation expenditures.
If applicable, check the appropriate boxes (A, B, or C) that correspond to your credit claim situation. Attach necessary documentation as specified.
In Part A, enter your certified qualified rehabilitation expenditures on line 1. Follow with the correct credit percentage based on your checked box.
Calculate and enter the credit prior to limitations on line 3 by multiplying line 1 by line 2. Remember, the maximum credit is capped at $5,000,000.
Complete lines 6 and 7 for refundable credits available over four years. Ensure you save copies for future tax returns.

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What is the senior property tax relief in Maine?

The maximum Property Tax Fairness credit for those aged 65 or older is $1,500 for 2023 and will be $2,000 next year. Eligibility is based on your income and the amount of your property tax bill (the credit is based on portion of the tax bill that is over 4% of the applicants income).

What is the historic rehabilitation tax credit in Maine?

Create a 25% tax credit for historic owner-occupied residences and ancillary structures with a minimum homeowner expense of $5,000 and maximum $250,000 for homeowners with an Adjusted Gross Income at or below $120,000. Energy efficiency and resiliency upgrades are included in the qualified expenditures.

How does a historic tax credit work?

What Is the Historic Tax Credit? Investors who are rehabilitating or repurposing historic buildings may qualify for the Historic Tax Credit, or HTC. The HTC is a federal tax credit program which provides investors with a 20% credit against the costs of rehabilitating eligible historic structures.

Which of the following would make a building ineligible for the 20% historic preservation tax credit?

Owner-occupied residential properties do not qualify for the federal rehabilitation tax credit. The 20% credit is available only to properties rehabilitated for income-producing purposes, including commercial, industrial, agricultural, rental residential or apartment use.

What is the Maine rehabilitation tax credit?

Maine Rehabilitation Tax Credits For projects that qualify for the federal credit and meet all the requirements of the Federal tax incentive program there is a 25% refundable credit for qualified rehabilitation expenses.

What is the property tax fairness credit program in Maine?

Maine Property Tax Fairness Credit This is a reimbursable credit; even if you do not owe State income taxes, you can file for the Property Tax Fairness Credit and receive a reimbursement of a portion of the property taxes or rent paid on your home, if you are eligible.

CREDIT FOR REHABILITATION OF HISTORIC PROPERTIES - maine 2025

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How to use or fill out CREDIT FOR REHABILITATION OF HISTORIC PROPERTIES - maine

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What is the senior property tax relief in Maine?

What is the historic rehabilitation tax credit in Maine?

How does a historic tax credit work?

Which of the following would make a building ineligible for the 20% historic preservation tax credit?

What is the Maine rehabilitation tax credit?

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What is the property tax fairness credit program in Maine?

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CREDIT FOR REHABILITATION OF HISTORIC PROPERTIES - maine 2025

Here's how it works

How to use or fill out CREDIT FOR REHABILITATION OF HISTORIC PROPERTIES - maine

Complete this form in 5 minutes or less

Got questions?

What is the senior property tax relief in Maine?

What is the historic rehabilitation tax credit in Maine?

How does a historic tax credit work?

Which of the following would make a building ineligible for the 20% historic preservation tax credit?

What is the Maine rehabilitation tax credit?

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People also ask

What is the property tax fairness credit program in Maine?

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