Sec. 82-4-2 - Definitions

ยง 82-4-2. Definitions

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.

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