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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 rehabilitation are reviewed by the North Carolina Historic Preservation Office and the National Park Service, 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 . Effective January 1 , 1994, taxpayers who receive the federal income tax credit for rehabilitating certified historic structures are allowed to take as a credit against North Carolina income taxes an amount equal to one-fourth of the federal credit. The Tax Treatment Extension Act of 1980 provides federal tax deductions for charitable contributions 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 Preservation 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. In 1993 and 1994, the North Carolina General Assembly passed bills which provided funding to the Department of Cultural Resources for grants to local historic organizations for fiscal years 1993 =94 and 199445. The purpose of the grants is to encourage the protection, preservation, and interpretation of historic assets with local or regional significance. Priority consideration is given to properties listed in or eligible for listing in the National Register. The deadline for grant applications for the second year of funding was October 15 , 1994 . Continuation of this program in future years is dependent upon additional funding by the General Assembly. 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 complete description of procedures for objecting to a National Register nomination, see National Register Fact Sheet 5 : "Procedure for Supporting or Objecting to National Register Listing. " See also the following numbered National Register Fact Sheets: 2 : "National Register Criteria for Evaluation" 31 "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 entida "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 structures and the National Register: Survey and Planning Branch, 919/733-6545 . 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 the 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.