Provisions of the credit
Ÿ
a state income tax credit equal to 20% of the total amount
spent on the rehabilitation of a residential property listed in the
Indiana Register of Historic Sites and Structures
Ÿ
the total amount of credit allowed for each Indiana state
fiscal year cannot exceed $250,000
Ÿ
applicants are put into a queue to receive credits
Ÿ
the Indiana Historic Rehabilitation Tax Credit is
administered through the State Historic Preservation Office (SHPO) of the Division of
Historic Preservation and Archaeology (DHPA) of the Department of Natural
Resources (DNR)
Application Procedure (described in brief)
Ÿ
“Property Significance”
- usually submitted prior to the start
of any rehabilitation work
-
provides the DHPA
with descriptions of the building and a statement of its historical
and/or architectural significance
-
the DHPA staff
make a recommendation on whether the building is eligible
for the Indiana Register of Historic Sites and Structures
on an individual basis or as
a contributing part of a certified historic district
Ÿ
“Summary of Preservation Plan”
- usually submitted prior to the start
of any rehabilitation work
-
provides the
DHPA with the following:
-
written descriptions of current “character-defining
features” of the building
-
descriptions of all proposed rehabilitation work affecting
any of the identified
“character-defining features”
- drawings of the proposed work
-
photographs of the existing parts of the building that
would be affected
by the rehabilitation
-
the SHPO
encourages applicants to obtain approval of Part 2 before
beginning any rehabilitation work whenever possible
so as to avoid causing
irrevocable alterations to the historic character of the building, thus
resulting
in the denial of the tax credit
Ÿ
“Statement of Completion”
- submitted after completion of the
rehabilitation
-
provides the
DHPA with photographs of all parts of the building
after the rehabilitation is complete to demonstrate
that the project carried out
the proposed and
approved work from the Preservation Plan portion of the
application
Eligibility Requirements
Ÿ
the applicant must exceed $10,000 in qualified
rehabilitation or preservation expenditures
Ÿ
the rehabilitation plans must comply with the Secretary of the Interior’s Standards for Treatment of Historic
Properties and must
be approved by the Indiana Division of Historic Preservation and
Archaeology (DHPA)
Ÿ
the rehabilitated property must be owned by the
taxpayer(s), used and occupied by the taxpayers(s) as his/her/their principal
residence
Ÿ
the rehabilitated property must be located in the state of
Indiana
Ÿ
the rehabilitated property must be listed on the Indiana
Register of Historic Sites and Structures
Ÿ
the property must be at least 50 years old
Ÿ
the rehabilitation or preservation work must be completed
within 2 years after beginning demolition or construction, or within 5 years if
the project is filed as a phased project
Other Requirements
Ÿ
the owner must retain the property for 5 years after
completing the rehabilitation, otherwise the tax credit will be recaptured
Ÿ
the tax credit may also be recaptured if additional
modifications are made within 5 years that do not meet the standards of the
DHPA
Ÿ
portion of an approved credit may be carried forward on a
taxpayer’s subsequent returns for up to 15 years
Contact Information
Division of Historic Preservation and Archaeology (DHPA)
402 West Washington Street
Room W274
Indianapolis, IN 46204
(317) 232-1646