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'. -L;.J ~~UJJ !.. ", " .~ State and Local Incentives Revenue Act of 1978 (pL. 95-6(0) The Preservation Briefs assist owners and developers of historic buildings to Sinqe the redu~tion of federal reh~bili- fJII 10 percent credit for qualified recognize and resolve cominon preser- tation tax credits in 1986; a number of expenditures incurred in connection vation and repair problems prior to ' states have enacted additional incen- with the rehabilitation of a building work. The briefs are especially useful - tives to help make hiStoric preservation at least 20 years old to preservation tax incentive program more economically feasible. So~e applicants,because they recommend states have provided a 5 percent tax Tax Treatment Extension Act of 1980 those methods and approaches for credit against state income taxes to (pL. 96-541) rehabilitating historic buildings that compensate for the reduction in the are consistent with their historic credit from 25 percent to 20 percent at ..,deduction for the contribution of a character. Topics address roofmg for ..t"'H"~ . the federal level. Even more states historic easement historic buildings, repainting mortar have provided an extended property joints, window treatments, exterior tax abatement or property assessment Economic Recovery Tax Act of 1981 paint, rehabilitation of storefronts, freeze to owners who appropriately (poL. 97-34) plaster repair, cast iron buildings and rehabilitate historic structures. Addi- much more. For a catalog write: tionally, many state governments, and Il!I three-tier credit for the rehabilita- Preservation Assistance Division, statewide or local preservation organi- tion of certified historic structures P.O. Box 37127, Washington, D.C. zations have developed grants, low- and buildings at least 40 and 30 20013-7127. interest loan programs, design assis- years old tance, and 'a. variety of other incentive The Secretary of the Interior's Stan- tools to help encourage 'historic Tax Reform Act of.1986 dards for RiJhalJilitation are available preservation. In many places these (p.L.99-514) . from the National Park Service in an incentives have begun to counterbal- illustrated and unillustrated format. - ance the diminished effectiveness of II 10 percent credit available for non- The Standards are used primarily to the federal rehabilitation credits. historic buildings built before 1936 determine whether the historic " character of a building is preserved in History of Federal Tax Incentives III 20 percent credit available for the the process of rehabilitation. , All rehabilitation of certified historic projects that owners wish to be for the Preservation of Old and structures certified for purposes of federal tax e Historic Structures incentives are reviewed and evaluated II!I taxpayers with incomes in excess of in accordance with the 10 Standards for Since 1976 Congress has provided $250,000 not eligible for credits Rehabilitation. The accompanying federal tax incentives for the preserva- II p~sive activjty loss limitations guidelines, intended to assist in tion of old and historic structures. , ' applying the Standards, recommend reSponsible methods and approaches Tax Reform Act of m6 RBsou1'Ce$ and also list those treatments that (p.L. 94-455) should be avoided. To order it copy of The state historic preservation office is The Secretary of the Interior's Stan- iii! 6O-month amortization of ce11ain the best point of contact within your dards for Reluzbilitation witlt Illustrated expenditures incurred in the state for information on the historic GuitJelines for R.ehtJIJilitating Historic rehabilitation of certified historic rehabilitation tax credit. To locate the BuiltJing; write Superintendent of structures state hist<?ric preservation office th~t Documents, Government Printing I!ill accelerated depreciation on substan- serves your state, contact the National Office, Washington, D.C. 20402-9325. Conference of State Historic Preserva- GPO Srock Number 024-.005;..01091-2. tially rehabilitated historic property tion Officers.... 444 N. Capitol Street, The cost is $8 per copy. To order a lIll denial of deduction for costs of Suite 332, Washington, D.C. 20001. copy of the unilhJstrated version use demolishing ~ certified historic (202) 624-5465. GPO Stock Number 0?4-005-01061-1. structure The cost is $2 per copy. To reach the The Preservation Assistance Division Order and Information desk at the II straight-line depreciation on of the National Park Service has Government Printing Office call (202) property constructed on site occu- available numerous publications of 512-1800. FAX (202) 512-2250. pied by a certified historic structure interest to individual's or organiza- that was demolished or substantially tions seeking the historic rehabilita- The Preservation Law Reporter is altered tion tax credit. published monthly by the National Trust for Historic Preservation. This - loose-leaf service contains articles on tax issues, updates on legislative and .