Historic Structure

Historic Structure means:
a building that is officially recognized for its historic significance. It has special status under the 1976 Tax Reform Act, which encourages rehabilitation and discourages demolition or substantial alteration of the structure. In 1981 a special tax law allowed a 25% tax credit for the rehabilitation of certified historic structures, both residential and nonresidential; the credit was reduced to 20% after 1986. A nonresidential building, other than a certified historic structure, placed in service before 1936 may qualify for a 10% rehabilitation tax credit. Former IRC (check if this IRC provision is current here) § 48(g)(3).