Credit for Rehabilitation of Historic Properties Worksheet - Maine

Credit for Rehabilitation of Historic Properties Worksheet is a legal document that was released by the Maine Revenue Services - a government authority operating within Maine.

FAQ

Q: What is the Credit for Rehabilitation of Historic Properties in Maine?
A: The Credit for Rehabilitation of Historic Properties in Maine is a financial incentive for rehabilitating historic buildings.

Q: Who is eligible for the credit?
A: Property owners who are rehabilitating historic properties in Maine are eligible for the credit.

Q: What types of properties are eligible?
A: Historic buildings listed on the National Register of Historic Places are eligible for the credit.

Q: How much is the credit?
A: The credit is equal to 25% of the qualified rehabilitation expenses.

Q: What are qualified rehabilitation expenses?
A: Qualified rehabilitation expenses include costs related to the preservation and rehabilitation of the historic property.

Q: Can the credit be transferred or sold?
A: Yes, the credit can be transferred or sold to another taxpayer.

Q: Is there a cap on the amount of credits that can be awarded?
A: Yes, there is a $5 million annual cap on the amount of credits that can be awarded.

Q: How do I apply for the credit?
A: You can apply for the credit by submitting an application to the Maine Historic Preservation Commission.

Q: Are there any other requirements to qualify for the credit?
A: Yes, there are additional requirements related to the scope of work, project timeline, and adherence to the Secretary of the Interior's Standards for Rehabilitation.