North Carolina Administrative Code › Title 07 - Natural and Cultural Resources › Chapter 04 - ARCHIVES AND HISTORY › Subchapter R - ARCHAEOLOGY AND HISTORIC PRESERVATION SECTION › Section .0900 - TAX ACT CERTIFICATION REVIEW › Section 04R .0902 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) "Certified Historic
				  Structure" means a structure which is of a character subject to the allowance for
				  depreciation provided in Section 167 of the Internal Revenue Code of 1954, as
				  amended, which is either listed in the National Register or located in a registered
				  historic district and certified by the Secretary as being of historic significance
				  to the district. For purposes of the charitable contribution provisions only of the
				  Internal Revenue Code, properties need not be depreciable to qualify as certified
				  historic structures. For purposes of the demolition expense provisions of the
				  Internal Revenue Code, any structure located in a registered historic district is
				  considered a "certified historic structure" unless the secretary has determined,
				  prior to the demolition of the structure, that it is not of historic significance to
				  the district.
(b) "Certified
				  Rehabilitation" means any rehabilitation of a certified historic structure within
				  the time frame specified by the law, which the secretary has certified to the
				  Secretary of the Treasury as being consistent with the historic character of the
				  property and, where applicable, with the district in which the property is
				  located.
(c) "Historic District" means a
				  geographically definable area, urban or rural, possessing a significant
				  concentration, linkage, or continuity of sites, buildings, structures, or objects
				  which are united by past events or aesthetically by plan or physical
				  development.
(d) "Inspection" means a
				  visit by an authorized representative of the SHPO or the secretary to a historic
				  structure for the purpose of reviewing and evaluating the significance of the
				  structure and the completed rehabilitation work.
(e) "National Register of Historic Places" means
				  the national listing of districts, sites, buildings, or structures and objects
				  significant in American history, architecture, archaeology, engineering, and culture
				  that the secretary is authorized to expand and maintain pursuant to Section
				  101(a)(1) of 16 U.S.C.
				  470.
(f) "Owner" means a person who holds a fee simple
				  interest in a structure; a holder of a life estate in property; a holder of a life
				  estate in property with remainder to another person; or a lessee whose lease term
				  without regard to renewal periods extends beyond the useful life of the improvements
				  or for 15 years, whichever is greater.
(g) "Registered Historic District" means any
				  district listed in the National Register or any district designated under a state or
				  local statute which has been certified by the secretary as containing criteria which
				  will substantially achieve the purpose of preserving and rehabilitating buildings of
				  significance to the district and which has been certified by the secretary as
				  meeting substantially all of the requirements for the listing of districts in the
				  National Register.
(h) "Rehabilitation"
				  means the process of returning a property to a state of utility, through repair or
				  alteration, which makes possible an efficient contemporary use while preserving
				  those portions and features of the property which are significant to its historic,
				  architectural and cultural values. Seventy-five percent or more of the existing
				  external walls must be retained in place as external walls in the rehabilitation
				  process to qualify for the investment tax credit.
(i) "Secretary" means the Secretary of the
				  Interior or the designee authorized to carry out his responsibilities.
(j) "Secretary's Standards for Evaluating
				  Structures within Registered Historic Districts" means the criteria for judging
				  whether or not a structure is contributing to the historic significance of a
				  district and the eligibility of structures less than 50 years old. See
				  36 CFR
				  67.5.
(k) "Secretary's Standards for Rehabilitation"
				  means the ten broadly worded statements to guide the rehabilitation of all historic
				  buildings. They are used by the SHPO and the Secretary in reviewing and evaluating
				  all projects requesting certification. See
				  36 CFR
				  67.7.
(l) "State or Local Statute" means a law of the
				  state or local government designating, or providing a method for the designation of,
				  a historic district or districts.
(m)
				  "State Historic Preservation Officer" means the official within each state,
				  designated by the governor at the request of the secretary, or the designee
				  authorized to carry out his responsibilities, who acts as liaison for purposes of
				  implementing historic preservation programs within the state.
(n) "Substantial Rehabilitation" means that the
				  expenditures must exceed the greater of the taxpayer's adjusted basis in the
				  structure (cost of the structure plus capital improvements minus depreciation) or
				  five thousand dollars ($5,000), within a 24-month period ending on the last day of
				  the taxable year. A 60-month alternative is available only if there is a written set
				  of architectural plans and specifications for all phases of the
				  rehabilitation.
(o) "Tax Act
				  Coordinator" means the designee of the SHPO authorized to carry out his
				  responsibilities for Tax Act certification reviews and coordination of information
				  concerning the Tax Acts and the preservation of historic structures.
Authority
					 G.S.
					 121-8;
					 26 U.S.C.
					 46-48;
					 26 U.S.C. 170;
					 26 U.S.C.
					 191;
					 26 C.F.R. Part 1;
36 C.F.R.
					 62.2;
					 36 C.F.R. 67;
Eff. February
					 1, 1985;
Amended Eff. June 1, 1989;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without substantive
					 public interest Eff. July 26, 2015.