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?
A: The Credit for Rehabilitation of Historic Properties is a tax credit program in Maine that incentivizes the rehabilitation of historic properties.

Q: Who is eligible for the Credit for Rehabilitation of Historic Properties?
A: Property owners, businesses, or developers who rehabilitate certified historic properties in Maine are eligible for the credit.

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

Q: What are qualified rehabilitation expenditures?
A: Qualified rehabilitation expenditures are the costs associated with the rehabilitation of a certified historic property, including construction, labor, and architectural fees.

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

Q: Is there a maximum amount of credit that can be claimed?
A: Yes, the maximum credit that can be claimed is $250,000 per project.

Q: How do I apply for the credit?
A: To apply for the credit, you must complete and submit the Credit for Rehabilitation of Historic Properties Worksheet to the Maine Historic Preservation Commission.

Q: Are there any restrictions on how the credit can be used?
A: Yes, the credit cannot be used to reduce the tax liability below zero, and it cannot be used to offset any other tax credits or refunds.

Q: Are there any deadlines for applying for the credit?
A: Yes, applications must be submitted to the Maine Historic Preservation Commission by December 31 of the year following the completion of the rehabilitation project.