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New Historic Preservation State Tax Credits Page 2 • The rehabilitation of the historic structure must be substantial . For income- producing properties, the rehabilitation expenses must exceed the greater of the " adjusted basis" of the building or $ 5 , 000 within a 24-month period or a 60 month period for phased projects . For nonincome-producing properties, the rehabilitation expenses must exceed $25 ,000 within a 24 month period. • All rehabilitation work must meet the Secretary of the Interior' s Standards for Rehabilitation. Applications for income-producing structures are subject to a joint review by the State Historic Preservation Office and the National Park Service, with final authority resting with the National Park Service . Rehabilitation work on nonincome- producing historic structures is reviewed solely by the State Historic Preservation Office and must be approved prior to the commencement of work Rules for the review procedures will be promulgated by the North Carolina Historical Commission. • The credits cannot be claimed against the cost of acquisition, new additions, site work, or personal property . Only costs incurred in the work upon or within a historic structure will qualify . Interior work such as HVAC work and kitchen and bathroom remodeling will qualify if the work meets the Secretary of the Interior' s Standards for Rehabilitation. • Rehabilitation work on nonincome producing historic structures must be approved by the State Historic Preservation Office prior to the commencement of the workIl Property owners of income-producing historic structures are strongly advised to consult with the State Historic Preservation Office before beginning a rehabilitation to resolve potential design and rehabilitation problems that could result in denial of the credits . This information describes the federal and state historic preservation tax credit programs in very general terms only. Taxpayers should consult a professional tax advisor, the North Carolina Department of Revenue, or the Internal Revenue Service for help in determining the tax and other financial implications of any matter discussed here. For further information regarding the regulations governing the procedures for obtaining historic preservation certifications, contact : Tim E . Simmons, AIA, Preservation Tax Credit Coordinator Restoration Branch, NC State Historic Preservation Office NC Division of Archives and History 109 E . Jones Street Raleigh, NC 27601 -2807 Telephone 919433 =6547 Fax 9194154801 For information about the National Register of Historic Places and the requirements and procedures for listing, contact : Linda Edmisten, National Register Coordinator Survey and Planning Branch, NC State Historic Preservation Office NC Division of Archives and History 109 E . Jones Street Raleigh, NC 27601 -2807 Telephone 919433 -6545 Fax 9194154801 Fasof formation about the National Register of Historic Places, g a complete list of National Register listings in North Carolina y 1 , 1997, may be found on the State Historic Preservation Office World Wide Web site at http:\\www.hpo.dcr.state.nc.us September 1997