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PART B: Maine recapture of Credit for Rehabilitation of Historic Properties.

Complete a pro forma federal Form 4255 with respect to Maine certiﬁ ed historic structures

subject to federal recapture (or that would have been subject to recapture had a federal credit

been claimed) during the taxable year. Do not complete lines 1 and 2 of federal Form 4255.

Enter on line 3, for each column, the original Maine credit claimed. Then complete lines 4-13

following the federal instructions for each line. Enter the line 13 amount here and include the

total on Form 1120ME, line 7b; Form 1040ME, Schedule A, line 1; or Form 1041ME,

Schedule A, line 1 ...........................................................................................................................1. ______________

ATTACH A COPY OF PRO FORMA FEDERAL FORM 4255

GENERAL INSTRUCTIONS

This worksheet may be used only for qualiﬁ ed rehabilitation expenditures associated with a certiﬁ ed historic structure

located in Maine that is placed in service during the tax year beginning in 2010. The credit related to qualiﬁ ed rehabilitation

expenditures incurred after December 31, 2007 is fully refundable over four years.

Certiﬁ ed Qualiﬁ ed Rehabilitation Expenditures:

The term certiﬁ ed qualiﬁ ed rehabilitation expenditures means qualiﬁ ed rehabilitation expenditures, as deﬁ ned by

the IRC, § 47(c)(2), made between January 1, 2008 and December 31, 2013. For small rehabilitations (box B on page

1 is checked), qualiﬁ ed rehabilitation expenditures do not include a requirement that the certiﬁ ed historic structure be

substantially rehabilitated.

Certiﬁ ed Historic Structure:

Refundable Credit (Part A). For purposes of the refundable credit, a certiﬁ ed historic structure is a structure

certiﬁ ed by either the Maine Historic Preservation Commission or the National Park Service, whichever is applicable.

A certiﬁ ed historic structure is a building (and its structural components) that is: 1) individually listed in the National

Register of Historic Places; or 2) located in a Registered Historic District and certiﬁ ed by either the Secretary of the

Interior or the Maine Historic Preservation Commission as being of historic signiﬁ cance to the district. If a federal

credit is being claimed with respect to the rehabilitation of the historic structure, only the Secretary of the Interior may

certify the structure as being of historic signiﬁ cance to a Registered Historic District. If a federal credit is not being

claimed (box B is checked), the Maine Historic Preservation Commission must certify that the structure is of historic

signiﬁ cance to a Registered Historic District.

Credit Amount:

With respect to each certiﬁ ed rehabilitation, the refundable credit is equal to one of the following:

1) Federal credit claimed. If a federal credit is claimed under § 47 of the Internal Revenue Code for the

certiﬁ ed rehabilitation, the Maine credit is 25% of the certiﬁ ed qualiﬁ ed rehabilitation expenditures. The credit

is equal to 30% of certiﬁ ed qualiﬁ ed rehabilitation expenditures if the rehabilitation is certiﬁ ed as an affordable

housing project by the Maine State Housing Authority.* The Maine credit must be claimed in the same tax year

as the federal credit.

2) Small project credit; federal credit not claimed. If a federal credit is not claimed for the certiﬁ ed

rehabilitation and the amount of certiﬁ ed qualiﬁ ed rehabilitation expenditures is at least $50,000 and not more

than $250,000, the Maine credit is 25% of the certiﬁ ed qualiﬁ ed rehabilitation expenditures that would have

qualiﬁ ed for the federal credit under IRC § 47 if a federal credit had been claimed. The credit must be claimed in

the year the certiﬁ ed rehabilitation is placed in service. The credit is 30% of the certiﬁ ed qualiﬁ ed rehabilitation

expenditures if the certiﬁ ed rehabilitation is also certiﬁ ed as an affordable housing project by the Maine State

Housing Authority.* For purposes of the small project credit for which no federal credit is claimed, it is not

required that the certiﬁ ed historic structure be substantially rehabilitated.

* A certiﬁ ed affordable housing project that does not remain an affordable housing project for 30 years from the date

the property is placed in service is subject to the repayment provisions of 30-A MRSA § 4722(1)(DD).

Rev. 09/10

Rehabilitation Of Historic Properties Credit - Worksheet For Property Placed In Service During Tax Year Beginning In 2010 - Maine Revenue Services Page 2

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