Tax Credit for Rehabilitation Expenditures

Tax Credit for Rehabilitation Expenditures means:
a dollar-for-dollar reduction in tax liability for expenditures to rehabilitate industrial and commercial buildings and certified historic structures. The rate of the credit is 20% for residential and nonresidential certified historic structures and 10% for nonresidential buildings, other than certified historic structures, placed in service before 1936. The basis of the rehabilitated building must be reduced by the full credit, and the cost of the rehabilitation must be depreciated using the straight-line depreciation method. The credit is recaptured if the building is disposed of within 5 years. Former IRC (check if this IRC provision is current here) §47.

See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law.