For the purpose of the credits, what makes a building "historic"?
To be eligible for tax credits, a building must be "historic." To qualify as "historic" a building must be either:
  • Listed individually in the National Register of Historic Places
  • Be a contributing element of National Register of Historic Places Historic District
  • Be a contributing element of a Local Historic District that has been certified by US Department of the Interior as substantially meeting National Register criteria.

The criteria for eligibility are the same for both federal and state credits. Unlike some states, Missouri does not have a separate state register of historic places. To obtain information on Certified Local Historic Preservation Program in the Department of Natural Resources.

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1. What is a tax credit?
2. What tax credits are available for the rehabilitation of historic buildings?
3. For the purpose of the credits, what makes a building "historic"?
4. What types of buildings qualify for the credits?
5. Is there a minimum investment that an owner must make to qualify for the credits?
6. What is the "adjusted basis" of a building?
7. What rehabilitation work qualifies for the credits?
8. Are there certain standards that must be followed in order to qualify for the credits?
9. What if a building is not currently listed on the National Register?
10. Who reviews the proposed work to ensure that the Secretary of the Interior's Standards are followed?
11. Are there provisions for recapture of the credit if a property is sold?
12. If a taxpayer's tax in a given year exceeds the amount of the credit, can the credit be carried over?
13. Can a project be phased over a period of time?
14. How does a person obtain an application packet?
15. What is process for obtaining the credits?
16. When is the tax credit claimed?
17. What is the timeframe for review?
18. Can a project utilize multiple investors?
19. Can the credits be sold?
20. Do federal alternative minimum tax provisions apply?
21. Is there an application fee for seeking the credits?
22. Are there other things to keep in mind when undertaking a tax credit rehabilitation?