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1999 SESSION
999796445Patrons-- Rust, Albo, Almand, Barlow, Brink, Cantor, Darner, Devolites, Drake, Grayson, Hall, Hull, Katzen, Keating, McClure, Moran, Orrock, Parrish, Puller, Scott, Stump and Van Yahres; Senators: Barry, Colgan, Gartlan, Houck, Howell, Mims, Saslaw and Woods
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-339.2 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-339.2. Historic rehabilitation tax credit.
A. Effective for taxable years beginning on and after January 1, 1997, any individual, trust or estate, or corporation incurring eligible expenses in the rehabilitation of a certified historic structure shall be entitled to a credit against the tax imposed by Articles 2 (§ 58.1-320 et seq.), 6 (§ 58.1-360 et seq.) and 10 (§ 58.1-400 et seq.) of Chapter 3; Chapter 12 (§ 58.1-1200 et seq.); Article 1 (§ 58.1-2500 et seq.) of Chapter 25; and Article 2 (§ 58.1-2620 et seq.) of Chapter 26 of this title, in accordance with the following schedule:
Year % of Eligible Expenses
1997 10%
1998 15%
1999 20%
2000 and thereafter 25%
If the amount of such credit exceeds the taxpayer's tax liability for such taxable year, the amount that exceeds the tax liability may be carried over for credit against the taxes of such taxpayer in the next five taxable years or until the full credit is used, whichever occurs first. Credits granted to a partnership or electing small business corporation (S corporation) shall be passed through to the partners or shareholders, respectively.
B. Effective for taxable years beginning on and after January 1, [ 1998 2002 ]
, any individual, trust, estate, or corporation resident in Virginia that
incurs eligible expenses in the rehabilitation of a certified historic structure in
any other state that has in effect a reciprocal historic structure rehabilitation
tax credit program and agreement for residents of that state who rehabilitate
historic structures in Virginia shall be entitled to a credit to the same
extent as provided in subsection A and other applicable provisions of law.
B. C. To claim the credit authorized under this section, the taxpayer shall
apply to the Virginia Department of Historic Resources, which shall determine
the amount of eligible rehabilitation expenses and issue a certificate thereof
to the taxpayer. The taxpayer shall attach the certificate to the Virginia tax
return on which the credit is claimed.
C. D. When used in this section:
"Certified historic structure" means a property listed individually on the Virginia Landmarks Register, or certified by the Director of the Virginia Department of Historic Resources as contributing to the historic significance of a historic district that is listed on the Virginia Landmarks Register or certified by the Director of the Virginia Department of Historic Resources as meeting the criteria for listing on the Virginia Landmarks Register.
"Eligible rehabilitation expenses" means expenses incurred in the material rehabilitation of a certified historic structure and added to the property's capital account.
"Material rehabilitation" means improvements or reconstruction consistent with "The Secretary of the Interior's Standards for Rehabilitation," the cost of which amounts to at least fifty percent of the assessed value of such building for local real estate tax purposes for the year prior to the initial expenditure of any rehabilitation expenses.
D. E. The Director of the Department of Historic Resources shall establish by
regulation the requirements needed for this program, including the fees to defray necessary expenses thereof.