Credit; amount; married couple filing separate returns
Sec. 7. (a) Subject to section 14 of this chapter, a taxpayer is
entitled to a credit against the taxpayer's state tax liability in the
taxable year in which the taxpayer completes the preservation or
rehabilitation of historic property and obtains the certifications
required under section 8 of this chapter.
(b) The amount of the credit is equal to twenty percent (20%) of
the qualified expenditures that:
(1) the taxpayer makes for the preservation or rehabilitation of
historic property; and
(2) are approved by the division.
(c) In the case of a husband and wife who:
(1) own and rehabilitate a historic property jointly; and
(2) file separate tax returns;
the husband and wife may take the credit in equal shares or one (1)
spouse may take the whole credit.
As added by P.L.77-1993, SEC.1.
Last modified: May 28, 2006