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This historic house in Asheville, North Carolina,
was rehabilitated for rental residential use. Photo:
NPS files |
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What is the IRS involvement in the 20% tax credit
program? Where can the IRS regulations be obtained?
Answer
Certain income and other restrictions may have a bearing on whether
an owner is able to use the credit. IRS administers the Department
of the Treasury’s involvement with the Federal Historic Preservation
Tax Incentives Program. The IRS has provided written guidance on
these complex federal regulations which is posted on the NPS web
site. The IRS Connection provides easy-to-read guidance on the rehabilitation
tax credit, including answers to the most “frequently asked
questions” and briefs on subjects such as the use of the credit
by non-profits and transfer of the credit to lessees.
The complete IRS code and Department of the Treasury regulations
dealing with the rehabilitation tax credit are also available online.
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