2.610 -Historic Buildings Rehabilitation Credit
| Item | Description | FY2009 | FY2010 | FY2011 |
|---|---|---|---|---|
| 2.610 | Historic Buildings Rehabilitation Credit
If a structure is listed on the National Historic Register and has been substantially rehabilitated in keeping with its historical character, it may qualify for this credit. To qualify, the project must be certified by the Massachusetts Historical Commission, which determines the amount of qualifying expenditures. The start date for the credit is January 1, 2005, with an end date of December 31, 2009. Filers may claim up to 20% of their qualified rehabilitation expenditures. Credits may be carried forward for up to 5 years. The expenditure for this item (combined with the Historic Rehabilitation Credit for individual filers, item 1.610) was originally capped at $15 million per year, with a start date for the credit of January 1, 2005 and an end date of December 31, 2009. Chapter 123 of the Acts of 2006 extended the availability of the credit for an additional two years, to December 31, 2011, and increased the annual $15 million cap amount to $50 million. The credits may be sold or transferred to another taxpayer. The Department of Revenue estimates that in fiscal year 2009, 2010, and 2011,in addition to $21.3 million that was claimed by corporations, approximately $26.3 million in historic buildings rehabilitation credits were claimed by financial institutions and insurance companies, which are not included in this tax expenditure budget. Origin: M.G.L. c. 63, S. 38R, St. 2006, c. 123, S. 51 and 65 Estimate: $21.3 |
21.3 | 21.3 | 21.3 |
Key:
| ORIGIN | |
| IRC | Federal Internal Revenue Code (26 U.S.C.) |
|---|---|
| M.G.L. | Massachusetts General Laws |
| U.S.C | United States Code |
| ESTIMATES | All estimates are in $ millions. |
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