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19 National Register Fact Sheet 1, Page 2 2. Incentives for the Preservation of National Register Properties: Tax Benefits. Under the Tax Reform Act of 1986, a privately owned building that is listed in the National Register or is a contributing building in a National Register historic district may be eligible for a 20% federal income investment tax credit claimed against the costs of a qualified rehabilitation of the building. These credits apply only to income-producing, depreciable properties, including residential rental properties. The credits do not apply to owner-occupied residential properties. The cost of the rehabilitation must equal or exceed the adjusted basis of the building (original cost minus land value, minus previous depreciation, plus previous capital improvements). Plans for the rehabili- tation are reviewed by the North Carolina Historic Preservation Office and the National Park Ser- vice, and work on the building must meet federal rehabilitation standards. For more information and applications, contact the Tax Act Coordinator at the address given below, or telephone 919/733- 6547. The Tax Treatment Extension Act of 1980 provides federal tax deductions for charitable contribu- tions of partial interests (easements) in historically significant properties for conservation purposes. Interested individuals should consult legal counsel or the local Internal Revenue Service office for assistance in determining the tax consequences of the provisions of this act. Grants and Loans. A limited program of matching grants for the rehabilitation of National Register properties, including those that are privately owned, was authorized by the National Historic Preser- vation Act of 1966, but has not been funded to a significant degree since the early 1980s. A loan program authorized by the Act has never been funded. Similarly, there are no state grant or loan programs specifically tailored for the preservation of National Register properties. NOTE: A privately owned property may not be listed in the National Register over the objection of its owner or, in the case of a property with multiple owners, over the objection of a majority of owners. A district may not be listed in the National Register over the objection of a majority of owners of private property within the proposed district. For a com- plete description of procedures for objecting to a National Register nomination,.see+Narional Register Fact Sheet 5: *Pro- cedure for Supporting or Objecting to National Register Listing." See also the following numbered National Register Fad Sheets: 2: "National Register Criteria for Evaluation" 3: "How Historic Properties Are Listed in the National Register of Historic Places" 4: "The National Register of Historic Places in North Carolina: Facts and Figures" See the handout entitled "A Comparison of the National Register of Historic Places With Local Historic Landmark and District Designations" for a review of the differences between these two programs. FOR MORE INFORMATION: Historic strictures and the National Register. Survey and Planning Branch, 9191733-6545. Archaeological sites and the National Register. Office of State Archaeology, 919/733-7342. Preservation tax credits and technical restoration assistance:Restoration Branch, 919/733-6547. Environmental protection and planning: Environmental Review Coordinator,Administration Branch, 919/733-4763 Written inquiries to each of these branches may be sent to: State Historic Preservation Office N.C. Division of Archives and History 109 E.Jones Street Raleigh,North Carolina 27601-2807 The National Register program is governed by the following federal and state rules and 'regulations: 36CFR Part 60 (interim rule), 36CFR Part 61(final rule), and North Carolina Administrative Code T07: 04R.0300. 03/24/95 Attachment #4