Visit the Division of State History web site: history.utah.gov/historic_preservation
Individuals, businesses and corporations may get a nonrefundable credit of 20 percent of the cost to rehabilitate certified historic buildings (owner-occupied or rental). The project cost must exceed $10,000.
A "certified historic building" is either listed on the National Register of Historic Places or is located in a National Register Historic District. The Division of State History must list the building as being of significance to the district.
You must submit the rehabilitation work plan on a Historic Preservation Certification Application and the State Historic Preservation Office (SHPO) must approve it before construction is completed. The SHPO will give you tax form, TC-40H, Historic Preservation Tax Credit after the work is completed and certified. Do not submit this form with your tax return. Keep it and all related documents with your tax records.
Costs directly related to the rehabilitation and restoration of the building are eligible for the credit (including bringing structural, mechanical, electrical and plumbing systems up to building code).
Expenses related to your personal labor, property acquisition, building enlargement, landscaping and other site features (such as outbuildings and garages) do not qualify.
This credit is nonrefundable so the credit amount taken cannot exceed your tax liability for the year. However, credits unused in the first year may be carried forward five years and applied against future taxes.
The credit is not for properties used for commercial purposes (such as hotels, motels, bed-and-breakfast establishments). However, residential rental properties are eligible (such as apartment buildings and hotels renovated for permanent residency).
For applications and detailed information regarding this credit, contact:
State Historic Preservation Office
300 Rio Grande
Salt Lake City, Utah 84101
(801) 533-3503
history.utah.gov/historic_buildings/financial_assistance/
