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For example, the City of Pasadena Historic Property Contract Program was established by ordinance in October 2002 under the authority of the Mills Act (California Government Code, Article 12, Sections 50280-50290). Under this act, local governments may enter into historic property contracts with owners of qualifying privately owned historic ...
The Historic Tax Credit (HTC) is the federal tax credit program that incentivizes the rehabilitation of historic buildings. The HTC, which has rehabilitated more than 38,700 buildings and leveraged about $106 billion in private investment nationwide, is in danger of being eliminated in current budget-balancing discussions in Congress. [34]
Buildings, as defined by the National Register, are structures intended to shelter some sort of human activity. Examples include a house, barn, hotel, church or similar construction. The term building, as in outbuilding, can be used to refer to historically and functionally related units, such as a courthouse and a jail, or a barn and a house. [1]
The State Historical Building Code allows the local building inspector to approve alternative building codes [1] The property owner may engage in a contract with the local assessor for a property tax reduction through the Mills Act. Owners have the option to install their own plaque or marker at the resource site [1]
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An example of physical forces that will require building restoration is damage to the historic Mechanics Hall building in Worcester, Massachusetts. Strong winds during a storm on 13 April 2020 caused portions of the copper roofing to be pulled from the building, allowing further damage to the attic and internal water damage. [ 56 ]
The credit percentages are announced monthly by the Internal Revenue Service, but for buildings placed in service after July 30, 2008, the credit for new and rehabilitated buildings that are not financed with tax-exempt bonds is not less than 9%, and for most bond-financed projects with bonds issued after 2020, a 4% rate. Rules that provided a ...
In 1976, the tax code was altered to provide tax incentives that promote the preservation of income-producing historic properties. The National Park Service was given the responsibility to ensure that only rehabilitations that preserved the historic character of a building would qualify for federal tax incentives.