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S.F. No. 403 - Historic Structure Rehabilitation Credit Modification
 
Author: Senator Bobby Joe Champion
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 23, 2015



 

Under current law, projects must have received a federal historic structure rehabilitation credit or grant to be eligible for the state credit or grant. The federal credit application is a three-part process requiring certification by the National Park Service (NPS). The NPS must find that the building contributes to the significance of a registered historic district or a National Register property with more than one building; that the proposed rehabilitation work meets the required standards for rehabilitation; and that the approved work has been completed and the building placed in service.

This bill allows a project to qualify for a state credit or grant without having qualified for the federal credit or grant, provided that the project developer submitted an application to receive the state credit or grant in 2011; received a credit allocation certificate in from the State Historic Preservation Office (SHPO) in 2012; and received Part 2 approval and Part 3 certification from the NPS. The project must also have been substantially rehabilitated as required under federal law. The project developer must notify SHPO within six months of when the project is placed in service, and SHPO must issue a credit certificate or pay a grant to the developer upon verification that the project has been placed in service and received Part 3 NPS certification. The grant amount is 90 percent of 20 percent of the expenditures that would have been considered qualified expenditures if the project had been allowed a federal credit. 

Effective for projects placed in service in 2015.  

 
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