Current through Register Vol. 41, No. 8, December 2, 2024
Section 17VAC10-30-100 - Definition of rehabilitation projectA. 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 applicant may elect to claim the credit allowable for each completed phase of a phased project, upon receipt from the department of written approval of the work completed for each phase. Any such initial claims will be contingent upon final certification of the completed project.17 Va. Admin. Code § 10-30-100
Derived from Virginia Register Volume 22, Issue 13, eff. April 5, 2006.Statutory Authority
§§ 10.1-2202 and 58.1-339.2 of the Code of Virginia.