West Virginia Code of State Rules › Agency 82 - Culture And History › Title 82 - LEGISLATIVE RULE DIVISION OF CULTURE AND HISTORY › Series 82-04 - Rehabilitation Of Certified Historic Residential Structures Tax Credit › Section 82-4-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1.
				"Certification by the National Park Service" means actual approval of
				a completed rehabilitation by the National Park Service or a written
				waiver of such an approval and designation of the State Historic
				Preservation Officer by the National Park Service for approving
				qualified rehabilitated owner occupied residential buildings for
				historic preservation in this state.
2.2. "Certified Historic Structure"
				means any owner occupied residential building located in this state
				that is listed individually on the National Register of Historic
				Places or contributing to a National Register listed historic
				district and has been approved by the State Historic Preservation
				Officer as meeting the Criteria of the National Register of Historic
				Places for the purposes of receiving this tax credit. (See Appendix
				A)
2.3. "Eligible
				Rehabilitation Expenses" means expenses incurred in the material
				rehabilitation of a certified historic structure and added to the
				property's basis for income tax purposes.
2.4. "Historic District" means a
				group of buildings, structures, or sites that taken together make up
				a coherent whole with similar historic and/or architectural meaning
				according to the Criteria of the National Register of Historic
				Places.
2.5. "Historic
				Preservation Application" means application forms published by the
				National Park Service, United States Department of the Interior,
				Parts 1, 2 and 3, Form No. 1-168, or its successor.
2.6. "Material Rehabilitation"
				means improvements or rehabilitation consistent with the "Secretary
				of the Interior's Standards for Rehabilitation and Guidelines for the
				Rehabilitation of Historic Buildings" (See Appendix B), the actual
				cost of which amounts to at least twenty percent of the assessed
				value of a certified historic structure for ad valorem real estate
				tax purposes for the tax year before such rehabilitation expenses
				were incurred, exclusive of the assessed value of the land.
2.7. "Placed in Service" means the
				property is placed in a condition or state of readiness and
				availability for use as owner occupied housing. (See U. S. Treasury
				Regulation 1.46-3(d))
2.8. "Residential Certified
				Historic Structure" means any certified historic structure that is
				either classified as Class II Property for levy purposes for the year
				in which the rehabilitation expenses are incurred, or not classified
				as Class II property for levy purposes for the year in which the
				rehabilitation expenses are incurred, but will satisfy the
				requirements for classification as Class II for real property
				assessment purposes as of the first day of July of the year following
				the year in which the rehabilitation expenses are incurred.
2.9. "Secretary of the Interior
				Standards for Rehabilitation (Standards)" means standards and
				guidelines adopted and published by the National Park Service, United
				States Department of the Interior, for rehabilitation of historic
				properties.
2.10. "State
				Historic Preservation Officer (SHPO)" means the West Virginia state
				official designated by the governor to carry out the provisions of
				the National Historic Preservation Act of 1966, as amended (16 U.S.C.
				'470 et seq.), and as defined in W. Va. Code '29-1-6.