Section 312 IAC 23-3-3 - Preservation or rehabilitation planAuthority: IC 6-3.1-16-15; IC 14-10-2-4; IC 14-21-1-31
Affected: IC 6-3.1-16; IC 14-21-1
Sec. 3.
(a) To qualify for the state historic rehabilitation tax credit, an applicant must submit to the division a preservation or rehabilitation plan before beginning preservation or rehabilitation work on the historic property.(b) Before approving a plan submitted under subsection (a), the division must determine the plan complies with each of the following: (2) The Secretary of the Interior's Standards for the Treatment of Historic Properties ( 36 CFR 68).(3) The Guidelines for Preserving, Rehabilitating, Restoring & Reconstructing Historic Buildings (1995).(c) Application for the state credit must be made on a federal tax credit certification application form under the Tax Reform Act of 1986 ( P.L. 99-514) and must be accompanied by a supplemental state form approved by the division.(d) Following a review of the preservation or rehabilitation plan, the division shall make a determination to approve the plan, approve the plan with conditions, or reject the plan. A determination under this subsection is subject to review under 312 IAC 23-1-2.(e) After the completion of a preservation or rehabilitation project approved under subsection (d), the applicant must seek certification by the division that the project was performed according to the plan and this article. The applicant must include documentation to establish that the project was completed within the following periods: (1) Except as provided in subdivision (2), two (2) years after beginning the physical work of construction or destruction in preparation for construction.(2) Five (5) years after beginning the physical work of construction, or destruction in preparation for construction if the approved plan authorized that the preservation or rehabilitation be completed in phases.(3) Not more than three (3) years before receipt of the documentation by the division.(f) The division shall grant a certification sought under subsection (e) if the project complies with the terms and conditions of the plan. Subject to section 4 of this rule, the grant of a certification under this subsection qualifies the applicant to seek the state historic rehabilitation tax credit from the revenue department. A determination under this subsection to grant or deny certification is subject to review under 312 IAC 23-1-2.Natural Resources Commission; 312 IAC 23-3-3; filed Nov 4, 1999, 10:04 a.m.: 23 IR 551; readopted filed Aug 4, 2005, 6:00 p.m.: 28 IR 3661; readopted filed Jul 28, 2011, 10:28 a.m.: 20110824-IR-312110103RFA