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Investment Tax Credit Programs Available in Colorado Federal 20% Federal 10% State 20% Building must be: Listed individually in the National Register; OR considered eligible for listing; OR a contributing building in a historic district listed in the National Register Built before 1936; not individually eligible for listing in the National Register; AND not contributing to a historic district More than 50 years old; listed in the State Register of Historic Places OR landmarked by a Certified Local Government (CLG) Eligible buildings: Income-producing properties, including commercial, industrial, agricultural, or rental residential Income producing; non- residential) All buildings meeting the requirements listed above Minimum costs of rehabilitation: More than $5,000 or the adjusted basis of the property, whichever is greater More than $5,000 or the adjusted basis of the property, whichever is greater More than $5,000 Time limit: 24 months; if in phases, 60 months total N/A 24 months Maximum credit: Unlimited Unlimited $50,000 Credits can be carried forward for: 20 years (also back one year) 20 years (also back one year) 10 years Rehab requirements: Must follow the Secretary of the Interior’s Standards for Rehabilitation 50-75% of the building’s walls must remain (see pamphlet for details) Must follow the Secretary of the Interior’s Standards for Rehabilitation Fees: $250 for Part 2; $500- 2,500 for Part 3 (depending on rehabilitation costs) None $250 for Part 1 (Park County Waives fee); $250-750 for Part 2 (Park County waives fee at this time) Reviewed by: SHPO and NPS; IRS IRS CLG or SHPO; State Dept. of Revenue Credits claimed: The year in which the building is placed in service; for phased projects and buildings open during work, the year substantial rehabilitation test is met The year in which the building is placed in service; or, if building is open during work, year substantial rehabilitation test is met The year work is completed; official verification (Part 2) is needed Process: Part 1 determination of eligibility (if needed); Part 2 reviewed by SHPO and NPS; Part 3 reviewed by SHPO and NPS; file IRS Form 3468 Part 1 determination of non-eligibility (if needed); file IRS Form 3468 Part 1 reviewed by CLG or SHPO; Part 2 reviewed by CLG or SHPO *No application needed if also claiming 20% federal credit C:\Documents and Settings\kbelsher\Desktop\Tax chart 04_02.doc