Administrative Code

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Virginia Administrative Code
Title 17. Libraries And Cultural Resources
Agency 10. Department of Historic Resources
Chapter 30. Historic Rehabilitation Tax Credit

17VAC10-30-100. Definition of rehabilitation project.

A. A certified historic structure shall be treated as having been materially rehabilitated only if the eligible rehabilitation expenses (as defined in 17VAC10-30-110) incurred in a 24-month period selected by the taxpayer ending with or within the completion year shall equal or exceed 50% of the assessed value of the building for local real estate tax purposes, determined for the year before the start of rehabilitation, unless the building is an owner-occupied building, in which case the eligible rehabilitation expenses shall amount to at least 25% of the assessed value of the building for local real estate tax purposes for the year before the start of rehabilitation.

B. In the case of any rehabilitation that may reasonably be expected to be completed in phases set forth in a plan of rehabilitation submitted contemporaneously with the Description of Rehabilitation, subsection A of this section shall be applied by substituting "60-month period" for "24-month period." A rehabilitation may reasonably be expected to be completed in phases if it consists of two or more distinct stages of development. The department may review each phase as it is presented, but a phased project cannot be designated a certified rehabilitation until all of the phases are completed. The owner may elect to claim the credit allowable for each completed phase of a phased project, upon receipt from the department of written certification of the work completed for each phase. Any such initial claims will be contingent upon final certification of the completed project.

C. In the case of properties containing more than one building for which tax credits are sought, the work at each building must constitute a material rehabilitation, according to subsection A of this section. The review fees will be charged according to the overall cost of the project. Buildings that are physically connected but that were not historically or functionally related, such as a duplex or rowhouse, shall qualify as separate certified historic structures, regardless of ownership, for the purposes of this program.

Statutory Authority

§§ 10.1-2202 and 58.1-339.2 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 22, Issue 13, eff. April 5, 2006; amended, Virginia Register Volume 32, Issue 10, eff. February 10, 2016.

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