Virginia Administrative Code › Title 17 - LIBRARIES AND CULTURAL RESOURCES › Agency 10 - DEPARTMENT OF HISTORIC RESOURCES › Chapter 30 - HISTORIC REHABILITATION TAX CREDIT › Section 17VAC10-30-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this regulation
				  shall have the following meanings unless the context clearly indicates
				  otherwise:
"Certified historic structure" means a building listed on
				  the Virginia Landmarks Register, or certified by the Director of the Virginia
				  Department of Historic Resources as contributing to the historic significance
				  of a historic district that is listed on the Virginia Landmarks Register, or
				  certified by the Director of the Department of Historic Resources as meeting
				  the criteria for listing on the Virginia Landmarks Register. Portions of
				  buildings, such as single condominium apartment units, are not independently
				  eligible for certification. Rowhouses, even with abutting or party walls, are
				  eligible for certification.
"Certified rehabilitation" means any rehabilitation of a
				  certified historic structure that is certified by the Department of Historic
				  Resources as consistent with The Secretary of the Interior's Standards for
				  Rehabilitation ( 36 CFR Part 67 ).
"Completion year" means the calendar year in which the last
				  eligible rehabilitation expense is incurred or the final certificate of
				  occupancy (if appropriate) is issued.
"Department" means the Virginia Department of Historic
				  Resources.
"Eligible rehabilitation expenses" means expenses incurred
				  by a taxpayer in the material rehabilitation of a certified historic structure
				  and added to the property's capital account.
"Historic district" means any district listed on the
				  Virginia Landmarks Register by the Historic Resources Board according to the
				  procedures specified in Chapter 22 (§ 10.1-2200 et seq.) of Title 10.1 of
				  the Code of Virginia.
"Inspection" means a visit by an authorized representative
				  of the Department of Historic Resources to a property for the purposes of
				  reviewing and evaluating the significance of the structure and the ongoing or
				  completed rehabilitation work.
"Material rehabilitation" means improvements or
				  reconstruction consistent with The Secretary of the Interior's Standards for
				  Rehabilitation ( 36 CFR Part 67 ), the cost of which amounts to at least 50% of
				  the assessed value of the building for local real estate tax purposes for the
				  year prior to the initial expenditure of any rehabilitation expenses, unless
				  the building is an owner-occupied building, in which case the cost shall amount
				  to at least 25% of the assessed value of such building for local real estate
				  tax purposes for the year prior to the initial expenditure of any
				  rehabilitation expenses. Material rehabilitation does not include enlargement
				  or new construction.
"Owner" means the person, partnership, corporation, public
				  agency, or other entity holding a fee simple interest in a property, or any
				  other person or entity recognized by the Department of Taxation for purposes of
				  the applicable tax benefits.
"Owner-occupied building" means any building, at least 75%
				  of which is used as a personal residence by the owner, or which is available
				  for occupancy by the owner for at least 75% of the year.
"Plan of rehabilitation" means a plan pursuant to which a
				  certified historic structure will be materially rehabilitated.
"Property" means a building and its site and landscape
				  features.
"Rehabilitation" means the process of returning a building
				  or buildings to a state of utility, through repair or alteration, which makes
				  possible an efficient use while preserving those portions and features of the
				  building and its site and environment which are significant to its historical,
				  architectural, and cultural values as determined by the Department of Historic
				  Resources.
"Standards for Rehabilitation" means The Secretary of the
				  Interior's Standards for Rehabilitation ( 36 CFR Part 67 ), established by the
				  United States Department of the Interior.
"Start of rehabilitation" means the date upon which the
				  taxpayer applies for the building permit for the work contemplated by the plan
				  of rehabilitation, or the date upon which actual work contemplated by the plan
				  of rehabilitation begins.
"Virginia Landmarks Register" means the list of historic
				  landmarks, buildings, structures, districts, objects, and sites designated by
				  the Virginia Landmarks Board, in accord with the procedures specified in
				  Chapter 22 (§ 10.1-2200 et seq.) of Title 10.1 of the Code of
				  Virginia.
Statutory Authority
§§ 10.1-2202 and 58.1-339.2 of the Code of
					 Virginia.