There are no similar provisions under state law. Credit is claimed in tax year in which expenditure is made, provided the rehabilitation project receives conditional approval from the state historical office and the project is approved as a zone project. The federal credit requires a Processing Fee. There is no review or processing fee. This does not include the time the paperwork is in the mail.
Owners applying for both credits are follow the federal requirements above.
Eligible means expenditures on the building itself, i.e., its systems, its materials, its structure. Eligible expenditures for state purposes also means those incurred with respect to the building only. There is no cap on the rehabilitation investment or resulting tax credit available on the federal credit. There is no cap on the tax credit for state purposes. Applying for the federal credit should occur early in the planning stages to seek approval from the National Park Service.