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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 calculating the credit amount, recapture provisions, and specific instructions for pass-through entities.

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What is the historic rehabilitation tax credit in Maine?

A 25% state credit for the rehabilitation of certified historic structures with certified qualified rehabilitation expenditures of between $50,000 and $250,000. This credit is available to entities that do not claim the federal rehabilitation credit.

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.

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 tax credit for historic rehabilitation?

The credit provides a tax incentive to rehabilitate historic buildings. If your rehabilitation and expenses qualify, you may claim a tax credit equal to 20% of your qualified expenses. The credit is allocated ratably over a 5-year period on your federal income tax return.

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.

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.

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.

CREDIT FOR REHABILITATION OF HISTORIC PROPERTIES - maine 2025

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