Section

Provision

1

Adds the definition of “barn” to the definitions applying to the historic structure rehabilitation credit under current law.  The barn must be located in the state and constructed prior to 1937.
 

2

Authorizes a credit amount of 25 percent of qualified rehabilitation costs on an eligible barn.  The costs must be at least $25,000 or 25 percent of the fair market value of the barn, excluding land, prior to rehabilitation, whichever is less.  Only costs incurred beginning two years prior to the project completion date are eligible for the credit.  Enumerates the expenditures eligible for the credit.  Specifies that a taxpayer may apply for a credit under this proposed section of law or the historic structure rehabilitation credit, but not both.
 

3

Specifies the procedures for allocating credit certificates.  The State Historic Preservation Office must review and approve applications and issue tax credit certificates.  The credit certificate must verify eligibility for the credit, state the amount of anticipated cost for the project, state the fiscal year in which the credit is allocated, and state that the taxpayer is allowed to claim the credit in the year the project was completed as long as that date is within two years following the issuance of the allocation certificate.     
 

4

Specifies the procedures for issuing credit certificates.  For the credit proposed in the bill, the developer of a project must notify the State Historic Preservation Office when the project is completed.  The Office must issue a credit certificate including the amount of the credit once the Office has verified that the project has been completed.
 

 5

States the purpose of the proposed credit.