Free 2000 TC-40H - Utah

Utah State Tax Commission

Historic Preservation Tax Credit

TC-40H
Rev. 12/00

The Utah Legislature has authorized a nonrefundable credit for use against income tax or corporate franchise tax for expenses incurred in connection with the qualified rehabilitation of any residential certified historic building. Taxpayers claiming this credit must complete one form for each rehabilitation claimed and attach it to their individual or corporate franchise tax returns. See procedure instructions on the reverse side. Before claiming this credit, taxpayers must file an application for approval of all proposed rehabilitation work with the Division of State History prior to the completion of restoration or rehabilitation work on the project.
Part A - This section must be completed by the taxpayer
Taxpayer's name Telephone number Social security number or FIN

Address

City

State and ZIP code

Part B - This section must be completed by the State Historic Preservation Office
Address of residential certified historic building City State and ZIP code

The residential certified historic building indicated above has been issued the following final certification number:

Date final certification number was issued

Certification by the State Historic Preservation Office
I certify to the best of my knowledge and belief that the information contained in Part B above is true and complete. Authorized signature Title Date signed

Part C - This section must be completed by the taxpayer Line 1 Date of original project approval Line 2 Date project completed Line 3 Total amount of the Historic Preservation cost Line 4 Total amount of tax credit from project (line 3 multiplied by .20) Line 5 Amount of Historic credit used in year one (must not exceed the amount of tax due on your return). Line 6 Amount of Historic tax credit used second year Line 7 Amount of Historic tax credit used third year Line 8 Amount of Historic tax credit used fourth year Line 9 Amount of Historic tax credit used fifth year Line 10 Amount of Historic tax credit used sixth year $ $ $ $ $ $ $ $

Total of lines 5 through 10 cannot exceed line 4.
IMPORTANT - PLEASE READ Refer to the instructions for your INCOME TAX (TC-40), CORPORATE TAX (TC-20 or TC-20S), or FIDUCIARY TAX (TC-41) to determine the line number on which you will record this credit.

General Instructions
Taxpayers may take a nonrefundable credit against their individual income or corporate franchise tax 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 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 Rio Grande, SLC, UT 84101 telephone (801) 533-3563.

Procedures
Taxpayers must file an application for approval of all proposed rehabilitation work with the Division of State History 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 that 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." 3. Taxpayers rehabilitating 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 36 months of certification. 4. Projects must be complete, 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 indicate the amount of credit claimed against their individual income tax or corporate franchise tax in Part C. Credit amounts greater than the amount of Utah individual income or corporate franchise tax due in a tax year may be carried forward to each of the following five taxable years. Carryforward historic preservation tax credits shall be applied against Utah individual income or corporate franchise tax due before the application of any historic preservation credits earned in the current year and on a first-earned, first-used basis. The original completed and signed form must be attached to your initial tax return. If you carryforward this tax credit, you must attach a copy of this completed form, with the new carryforward amount, to your tax return. Taxpayers must keep copies of tax credit records for three years from the date the return is filed. If you need an accommodation under the Americans with Disabilities Act, contact the Tax Commission at (801) 297-3811 (TDD (801) 297-3819). Please allow three working days for a response. 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.