Fillable Form Tc-40h - Historic Preservation Tax Credit (Page 2 of 2) in pdf

General Instructions

nonrefundable credit

may be claimed

against

Utah

individual income tax

or fiduciary tax (see UC §59-10-1006)

of 20 percent of qualified rehabilitation expenditures costing more than $10,000 incurred in connection with any

residential

certified historic building. When qualifying expenditures of more than $10,000 are incurred, the credit

shall apply to the full amount of

the

expenditures.

This credit is allowed only against any Utah tax owed beginning in the tax year in which the project receives final

certification by the State Historic Preservation Office.

Part B of this form must be completed and signed by an authorized representative of the State Historic Preservation Office,

300 S Rio Grande St, SLC, UT 84101; telephone 801-533-3500;

history.utah.gov/historic_buildings/financial_

assistance/index

Procedures

Taxpayers must file an application for approval of all proposed rehabilitation work with the State Historic

Preservation Office prior to the completion of restoration or rehabilitation work on the project. The application

shall be on a form provided by the Division of State History. It is recommended you file your application before

starting work.

Rehabilitation work must receive a unique certification number from the State Historic Preservation Office in

order to be eligible for the tax credit.

In order to receive final certification and be issued a unique certification number for the project the following

conditions must be satisfied:

1. The project must be completed.

2. Upon completion of the project, the taxpayer shall notify the State Historic Preservation Office and

provide that office an opportunity to review, examine, and audit the project. In order to be certified, a

project shall be completed in accordance with the previously approved plan and the Secretary of the

Interior's "Standards for Rehabilitation."

Taxpayers restoring buildings not already listed on the National Register of Historic Places shall

submit a complete National Register Nomination Form. If the nomination meets National Register

criteria, the State Historic Preservation Office shall approve the nomination. The building must be

listed in the National Register within 3 years of the approval of the complete project.

4. Projects must be completed and the $10,000 expenditure threshold met within 36 months of the original

project approval.

5. During the course of the project and for three years thereafter, all work done on the building shall comply

with the Secretary of the Interior's "Standards for Rehabilitation."

Taxpayers must calculate the amount of credit claimed in Part C. Credit amounts greater than the amount of Utah tax

due in the initial credit tax year may be carried forward to each of the following five taxable years.

Historic preservation tax credits carried forward shall be applied against Utah tax due before the application of any

historic preservation credits earned in the current year and on a first-earned, first-used basis.

Do not send this form with your return. Keep this form and all related documents with your records.

If you need further information, please contact the Utah State Tax Commission at 801-297-2200 or toll free

1-800-662-4335 if outside the Salt Lake City area.

Form Tc-40h - Historic Preservation Tax Credit Page 2

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