Note to SHPOs:
The copy of the approved notice language for notification of owners and public officials of nominations to the National Register contained a technical error. The section of the eligibility for Federal tax provisions should read as follows:
- 2.) Eligibility for Federal tax provisions. If a property is listed in the National Register certain Federal tax provisions may apply. The Tax Reform Act of 1984 revises the historic preservation tax incentives authorized by Congress in the Tax Reform Act of 1976, the Revenue Act of 1978, the Tax Treatment Extension Act of 1980, and the Economic Recovery Tax Act of 1981, which provide for a 25 percent investment tax credit for rehabilitating historic commercial, industrial and rental residential buildings instead of a 15 or 20 percent credit available for rehabilitation of non-historic buildings more than thirty years old. This can be combined with an 18-year cost recovery period for the adjusted basis of the building. Certified structures with certified rehabilitations receive additional tax savings because owners are allowed to reduce the basis by one half the amount of the credit. The Tax Treatment Extension Act of 1980 provides Federal tax deductions for charitable contributions for conservation purposes of partial interests in historically important land areas or structures. For further information please refer to 36 CFR 67.
