§ 44-33.1-4 Allocation of income taxcredit. – (a) The income tax credit provided for in this chapter shall be taken in theyear the certified maintenance or rehabilitation work is completed; provided,that first users shall take the tax credit during the calendar year in whichthe property is purchased. Unused portions of the income tax credit may becarried forward to succeeding years by the owner who received the income taxcredit.
(b) The maximum income tax credit provided for in thischapter which may be taken in a single tax year shall be five hundred dollars($500) in the years 1989 – 1994 and one thousand dollars ($1,000)beginning in the years 1995 – 2000 and two thousand dollars ($2,000)beginning in 2001 and thereafter.
(c) The income tax credit may be claimed by the owner of theeligible historic residence. Alternatively, the income tax credit may beclaimed by the first user of the maintained or rehabilitated historicresidence; provided, that the first user is the owner-occupant of the historicresidence. If the taxpayer ceases to be the owner of the eligible historicresidence, or if the property ceases to be an eligible historic residence, anyunused income tax credit is forfeited.
(d) In the event that there is multiple ownership of thehistoric residence, the credit will only be allowed to the owner(s) for whomthe property is actually a residence. If the property for which the credit isclaimed is the residence of some or all of the owners, the credit will beallowed only to those owners who actually incurred the costs for maintenance orrehabilitation. In the event that multiple owners who are also residents allincurred costs for the same project, the credit will be divided proportionallyamong those owners based on each owner's share of the actual costs.
(e) In the event that a historic residence contains anon-depreciable owner-occupied residential unit and not more than two (2)depreciable units also owned by the building's owner-occupant, the full valueof the credit will be allowed for maintenance and rehabilitation costs incurredon the entire building. In the event that a historic building contains bothnon-depreciable owner-occupied residential units and three (3) or more rentalunits, that portion of maintenance or rehabilitation costs reasonablyassociated with owner occupied units, which are historic residences as definedin this chapter, may be used to claim a residential historic preservation taxcredit.
§ 44-33.1-4 Allocation of income taxcredit. – (a) The income tax credit provided for in this chapter shall be taken in theyear the certified maintenance or rehabilitation work is completed; provided,that first users shall take the tax credit during the calendar year in whichthe property is purchased. Unused portions of the income tax credit may becarried forward to succeeding years by the owner who received the income taxcredit.
(b) The maximum income tax credit provided for in thischapter which may be taken in a single tax year shall be five hundred dollars($500) in the years 1989 – 1994 and one thousand dollars ($1,000)beginning in the years 1995 – 2000 and two thousand dollars ($2,000)beginning in 2001 and thereafter.
(c) The income tax credit may be claimed by the owner of theeligible historic residence. Alternatively, the income tax credit may beclaimed by the first user of the maintained or rehabilitated historicresidence; provided, that the first user is the owner-occupant of the historicresidence. If the taxpayer ceases to be the owner of the eligible historicresidence, or if the property ceases to be an eligible historic residence, anyunused income tax credit is forfeited.
(d) In the event that there is multiple ownership of thehistoric residence, the credit will only be allowed to the owner(s) for whomthe property is actually a residence. If the property for which the credit isclaimed is the residence of some or all of the owners, the credit will beallowed only to those owners who actually incurred the costs for maintenance orrehabilitation. In the event that multiple owners who are also residents allincurred costs for the same project, the credit will be divided proportionallyamong those owners based on each owner's share of the actual costs.
(e) In the event that a historic residence contains anon-depreciable owner-occupied residential unit and not more than two (2)depreciable units also owned by the building's owner-occupant, the full valueof the credit will be allowed for maintenance and rehabilitation costs incurredon the entire building. In the event that a historic building contains bothnon-depreciable owner-occupied residential units and three (3) or more rentalunits, that portion of maintenance or rehabilitation costs reasonablyassociated with owner occupied units, which are historic residences as definedin this chapter, may be used to claim a residential historic preservation taxcredit.
§ 44-33.1-4 Allocation of income taxcredit. – (a) The income tax credit provided for in this chapter shall be taken in theyear the certified maintenance or rehabilitation work is completed; provided,that first users shall take the tax credit during the calendar year in whichthe property is purchased. Unused portions of the income tax credit may becarried forward to succeeding years by the owner who received the income taxcredit.
(b) The maximum income tax credit provided for in thischapter which may be taken in a single tax year shall be five hundred dollars($500) in the years 1989 – 1994 and one thousand dollars ($1,000)beginning in the years 1995 – 2000 and two thousand dollars ($2,000)beginning in 2001 and thereafter.
(c) The income tax credit may be claimed by the owner of theeligible historic residence. Alternatively, the income tax credit may beclaimed by the first user of the maintained or rehabilitated historicresidence; provided, that the first user is the owner-occupant of the historicresidence. If the taxpayer ceases to be the owner of the eligible historicresidence, or if the property ceases to be an eligible historic residence, anyunused income tax credit is forfeited.
(d) In the event that there is multiple ownership of thehistoric residence, the credit will only be allowed to the owner(s) for whomthe property is actually a residence. If the property for which the credit isclaimed is the residence of some or all of the owners, the credit will beallowed only to those owners who actually incurred the costs for maintenance orrehabilitation. In the event that multiple owners who are also residents allincurred costs for the same project, the credit will be divided proportionallyamong those owners based on each owner's share of the actual costs.
(e) In the event that a historic residence contains anon-depreciable owner-occupied residential unit and not more than two (2)depreciable units also owned by the building's owner-occupant, the full valueof the credit will be allowed for maintenance and rehabilitation costs incurredon the entire building. In the event that a historic building contains bothnon-depreciable owner-occupied residential units and three (3) or more rentalunits, that portion of maintenance or rehabilitation costs reasonablyassociated with owner occupied units, which are historic residences as definedin this chapter, may be used to claim a residential historic preservation taxcredit.
