Sec. 8. (a) Subject to section 14 of this chapter, a taxpayer is entitled to a credit against the taxpayer’s state tax liability in the taxable year in which the taxpayer completes the preservation or rehabilitation of historic property and obtains the certifications required under section 9 of this chapter.

     (b) The amount of the credit is equal to twenty percent (20%) of the qualified expenditures that:

Terms Used In Indiana Code 6-3.1-22-8

  • office: means the office of community and rural affairs established by Indiana Code 6-3.1-22-2
  • preservation: means the application of measures to sustain the form, integrity, and material of:

    Indiana Code 6-3.1-22-3

  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • qualified expenditures: means expenditures for preservation or rehabilitation of a structure that enables the structure to be principally used and occupied by the taxpayer as the taxpayer's residence. See Indiana Code 6-3.1-22-4
  • rehabilitation: means the process of returning a property to a state of utility through repair or alteration that makes possible an efficient contemporary residential use while preserving the parts or features of the property that are significant to the historical, architectural, or archeological values of the property. See Indiana Code 6-3.1-22-5
  • state tax liability: means a taxpayer's total tax liability incurred under IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax) as computed after the application of all credits that under Indiana Code 6-3.1-22-6
  • taxpayer: means :

    Indiana Code 6-3.1-22-7

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) the taxpayer makes for the preservation or rehabilitation of historic property; and

(2) are approved by the office.

     (c) In the case of a husband and wife who:

(1) own and rehabilitate a historic property jointly; and

(2) file separate tax returns;

the husband and wife may take the credit in equal shares or one (1) spouse may take the whole credit.

As added by P.L.129-2001, SEC.7. Amended by P.L.166-2014, SEC.28.

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