Get the free Request Form for MA Historic Rehabilitation Tax Credit - preservationmass

This form is used to request a support letter for re-applications for the Massachusetts Historic Rehabilitation Tax Credit. It aims to streamline the request process by ensuring all necessary information

How to fill out request form for ma

How to fill out Request Form for MA Historic Rehabilitation Tax Credit

1. Go to the official website for the MA Historic Rehabilitation Tax Credit.
2. Download the Request Form for Historic Rehabilitation Tax Credit.
3. Fill out the applicant's information, including name, address, and contact details.
4. Provide information about the property, including its address and historic designation.
5. Describe the proposed rehabilitation work, detailing the scope of work and materials used.
6. Attach necessary documentation, including photographs of the property before rehabilitation and any architectural plans.
7. Review the form for completeness and accuracy.
8. Submit the completed form along with required attachments to the appropriate state agency.

Who needs Request Form for MA Historic Rehabilitation Tax Credit?

1. Property owners of historically designated buildings in Massachusetts who intend to rehabilitate their properties.
2. Developers or contractors who are planning renovations on historic sites and wish to receive tax credits.
3. Non-profit organizations involved in the preservation of historic properties.

People Also Ask about

What is the purpose of the tax credit for rehabilitation expenditures?

The credit provides a tax incentive to rehabilitate historic buildings. If your rehabilitation and expenses qualify, you may claim a tax credit equal to 20% of your qualified expenses. The credit is allocated ratably over a 5-year period on your federal income tax return.

What is the Massachusetts historic rehabilitation tax credit program?

The Massachusetts Historic Rehabilitation Tax Credit is an exciting addition to the preservation toolkit. Under the program, a certified rehabilitation project on an income-producing property is eligible to receive up to 20% of the cost of certified rehabilitation expenditures in state tax credits.

What is the 10 year rule for tax credits?

10-Year Rule: The building is eligible for acquisition credit so long as the existing building was not placed-in-service during the 10-year period preceding the acquisition.

How to qualify for historic tax credits?

The historic building must be listed in the National Register of Historic Places or be certified as contributing to the significance of a "registered historic district." Buildings may be listed individually in the National Register of Historic Places or as a part of a historic district.

What is the Massachusetts disability tax credit?

Disability Employment Tax Credit (DETC) Employers can claim a state tax credit of $5,000 or 30% of the first-year wages for qualified employees with disabilities after 12 months of continuous employment. In subsequent years, the credit is $2,000 or 30% of wages.

What is the eligible basis for the historic tax credit?

To qualify for the 20 percent credit, a building must be a certified historic structure (buildings individually listed on the National Register of Historic Places or listed as a contributing building in a National Register or state or local historic district certified by the Secretary of the Interior.

Which of the following would make a building ineligible for the 20% historic preservation tax credit?

The 20% tax credit for historic preservation is meant to preserve historic buildings, and not to create buildings that look old, but that are in effect new buildings. Thus, the credit is not available if the building does not have sufficient historic material to preserve at the outset of the rehabilitation.

What is the compliance period for the federal historic tax credit?

Investors may carry Federal HTCs back one year and forward 20 years to fully utilize the credits. The Federal investor must remain as a partner in a project for a minimum of 5 years after construction, which is the compliance period for the Federal HTC program.

For pdfFiller’s FAQs

What is Request Form for MA Historic Rehabilitation Tax Credit?

The Request Form for MA Historic Rehabilitation Tax Credit is a document that property owners or developers must submit to apply for tax credits for costs incurred in the rehabilitation of historic structures in Massachusetts.

Who is required to file Request Form for MA Historic Rehabilitation Tax Credit?

Property owners or developers who have rehabilitated a certified historic structure in Massachusetts and seek to claim tax credits for their rehabilitation expenses are required to file this form.

How to fill out Request Form for MA Historic Rehabilitation Tax Credit?

To fill out the Request Form, applicants must provide details about the property, the nature of the rehabilitation work done, the costs incurred, and any associated documentation such as receipts and photographs demonstrating compliance with the standards for historic preservation.

What is the purpose of Request Form for MA Historic Rehabilitation Tax Credit?

The purpose of the Request Form is to formally document and apply for tax credits available under the Massachusetts Historic Rehabilitation Tax Credit Program, aimed at incentivizing the preservation of historic buildings.

What information must be reported on Request Form for MA Historic Rehabilitation Tax Credit?

The information required includes the property owner's details, a description of the historic structure, the scope of rehabilitation work, the cost breakdown for eligible expenses, and compliance with the Massachusetts historic preservation standards.