Qualifying conditions
Sec. 8. A taxpayer qualifies for a credit under section 7 of this
chapter if all of the following conditions are met:
(1) The historic property is:
(A) located in Indiana;
(B) at least fifty (50) years old; and
(C) except as provided in section 7(c) of this chapter, owned
by the taxpayer.
(2) The division certifies that the historic property is listed in
the register of Indiana historic sites and historic structures.
(3) The division certifies that the taxpayer submitted a proposed
preservation or rehabilitation plan to the division that complies
with the standards of the division.
(4) The division certifies that the preservation or rehabilitation
work that is the subject of the credit substantially complies with
the proposed plan referred to in subdivision (3).
(5) The preservation or rehabilitation work is completed in not
more than:
(A) two (2) years; or
(B) five (5) years if the preservation or rehabilitation plan
indicates that the preservation or rehabilitation is initially
planned for completion in phases.
The time in which work must be completed begins when the
physical work of construction or destruction in preparation for
construction begins.
(6) The historic property is:
(A) actively used in a trade or business;
(B) held for the production of income; or
(C) held for the rental or other use in the ordinary course of
the taxpayer's trade or business.
(7) The qualified expenditures for preservation or rehabilitation
of the historic property exceed ten thousand dollars ($10,000).
As added by P.L.77-1993, SEC.1. Amended by P.L.54-1997, SEC.4.
Last modified: May 28, 2006