§ 44-33.1-3 - Income tax credit – Certification – Guidelines.
SECTION 44-33.1-3
§ 44-33.1-3 Income tax credit –Certification – Guidelines. – (a) Any taxpayer who files a state income tax return and owns a historicresidence may claim an income tax credit of up to twenty percent (20%) ofcertified maintenance or rehabilitation costs.
(b) An owner shall make a preliminary application forcertification of maintenance or rehabilitation costs for the tax credit to thecommission. By applying for certification, the owner consents that thecommission may have access to the historic residence for inspection atreasonable times to ensure that the maintenance or rehabilitation complies withguidelines as established by the commission.
(c) The commission shall establish a minimum dollar amountabove which an owner must spend in order to qualify for the income tax credit.
(d) Upon completion of the maintenance or rehabilitation, theowner shall notify the commission, at which time the commission shall determinewhether the maintenance or rehabilitation did or did not comply with thecommission guidelines established under this chapter. At that time, the ownerwill provide the commission with documentation of the work performed andcertify the costs incurred in the maintenance or rehabilitation.
(e) If the commission approves the maintenance orrehabilitation, the commission shall certify to the owner, in writing, that themaintenance or rehabilitation complied with the guidelines and the total amountof the tax credit based upon the owner's certification of costs. Thiscertification form shall be filed by the owner with the owner's state incometax return when requesting the income tax credit.