17 Va. Admin. Code § 10-30-150

Current through Register Vol. 41, No. 8, December 2, 2024

Section 17VAC10-30-150 - Transition rules for projects begun before 1997

A. Rehabilitation expenses incurred before January 1, 1997, do not qualify for a rehabilitation tax credit.

B. Applicants whose rehabilitation projects commenced before 1997, but were not completed until after January 1, 1997, may apply for certification of their rehabilitation work, in accordance with the provisions of 17VAC10-30-20, 17VAC10-30-30, and 17VAC10-30-50. In these cases, the tax credit is calculated as the appropriate percentage of expenses incurred on or after January 1, 1997.

C. For projects begun before January 1, 1997, the material rehabilitation test shall be determined by the entire project, rather than by those parts of the work completed on or after January 1, 1997.

17 Va. Admin. Code § 10-30-150

Derived from Virginia Register Volume 22, Issue 13, eff. April 5, 2006.

Statutory Authority

§§ 10.1-2202 and 58.1-339.2 of the Code of Virginia.