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<br />historic puservacommission
<br />of south bend. and st. •Joseph county
<br />ROOM,1123.COUNTY CITY BUILDING
<br />south bend, Indiana 46601 (219 2849798)
<br />PRESERVATION TAX. CONFERENCE
<br />Ch cpgoi March,,11982.
<br />Since the -1976 Tax Act wasassed
<br />p ,:.ave'r��$1,200 bilT.ion,;have been stimulated in.�-:'
<br />private funds, so it is workingl. IWMI&.& first two.,months-of -this year, since'.the
<br />new Tax Act has. gone into effect, requests:for:certi;t,Tca.tion' have doubled over,'=the`
<br />same two.months-last Year. With 25;OOOtproperties;.cUrrentl'y on'.the Nat Iona l�Register,
<br />10%.of;;whlch,'t;are_di,stricts, thepoten'al'F:'.there'forinany morebuildings:tobe=-::;''•,-
<br />certified and'make use of the Act. 'fx"ut15
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<br />Economicar Recovery .Tax'.Act;'-of,�;1982 _
<br />The current act -is a three -t i ered:r ro"ranr,Hof `rinvest`ment tax: credt is ° on the rehabT l'
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<br />station costs of historic bui-ldings:`{;-:f:;_.,.''°'
<br />30:ye'ar.old bull.dings - 15%Investment:'Tax Credit on commercial buildings only;
<br />40 year old buildings - 20% Investment: Tax, Credit - no certi.f..ication req uIrid
<br />50 year old cert i feed
<br />historic structures 25% Inve `tmenV,Tax,'Credit',';t_ avaabTel'for all .income.: `" i'; `
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<br />producing structures.:':(inci4tidirig ,
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<br />q �:a 1 st sub'tantfal,l :rehab`l,�•`tafed°�fi•the, rea'ter':of �ei`ttier;r'":�
<br />$5 000 or: the: adjusted• basis of"'heaC {: h: ')+.,, "�aGu J75 ��..
<br />t tdtFng and theymu`st retell ofr'`t
<br />In:order::for a,50' ear ol,d' structur ,.>:->' .a..c .. ; :..,,?�..r,.
<br />yet er`..tTf.tedr i,»=must-SeY<r,' t i' j ;^ :{t�;•jt
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<br />part'of,- Iota.l-,Historic:' Di`str%ct�i i ere the rlocal' ordlnance::has been certified
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<br />(our+,ordinance. has'.been .certifiedsooun =focal:=;districts .woui'd qualify) • The certification forms_ (which I :havefn ahe of.fl,ce)"'are',sen'ttto the'State Historic:
<br />t lon Off I* e.approval'�:'and then,•ao•'the renional..::of f Ece:=of:: the 'Nat Iona%`` r�'
<br />;Park Service: for final. a royal'' our }}`ts'�in Omaha'x::Nebraska 'STlierirehabiTif atton:``t`ti`.
<br />,',must .a 'so'' be'. d,. - ,y ,,;.
<br />1:., ,;cect,f le ,. the: appl':Icant: nereds` td-:fo1,16M;ttie`<"SecretarV,, of`'
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<br />Preservat iow-lasements`
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<br />A Preservation Easement is a situation in'wh.i;ch'.the'owiier`gives` up certain rights to
<br />his property. -while retaining fee 's imple.'owpership 4 yydonating the.easement:to'a
<br />government.. agency: or non-profit preservat,ion' oe'gan`.izationf�: the owner can,.take: advantage -
<br />of certaintax.benefits. -The amount; 6f� th"6.!.ydonati.on = wh 6h; -is- determined• by": the" d r:f-' `_ _•
<br />ferenceAn the,,value of,the:property,:�as,,`appraised='le'fo're4and'after_'.the donation, can -be = `
<br />residential::and commercial structures` and t'e > uia'din9"s°`must`be},certi.f:_ied'`•underi.the;:o,_-
<br />.. ; o;;..•�3'fe`J),�K",':.7: ti,cvr!. .`t:;:j ."'.`'s°: ` -
<br />same; rocedurec as::for:=ahe :Econoni.c RecovecyYFrTax';Act:'. ;:,'>The .buia-din ;must=<be:certlf•i,ed
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