Chapter HS 3

STATE HISTORIC REHABILITATION TAX CREDITS

HS 3.01   Authority.

HS 3.02   Purpose.

HS 3.03   Definitions.

HS 3.04   General certification by the society.

HS 3.05   Determination of historic property.

HS 3.06   Certification of rehabilitation work.

HS 3.07   Certification of completed work.

HS 3.08   Approval of 5 year phasing.

HS 3.01 HS 3.01 Authority. This chapter is promulgated under the authority of ss. 44.02 (24), 44.34 (4) and 227.11 (2) (a), Stats., and provides a process to implement s. 71.07 (9r), Stats.

HS 3.01 History History: Cr. Register, August, 1996, No. 488, eff. 9-1-96.

HS 3.02 HS 3.02 Purpose. This chapter establishes procedures that the state historical society will use to make its determinations regarding the eligibility of projects to rehabilitate historic property for 25% state investment tax credits.

HS 3.02 Note Note: In addition to these requirements of the state historical society, the taxpayer claiming the credit must meet other requirements of the department of revenue.

HS 3.02 History History: Cr. Register, August, 1996, No. 488, eff. 9-1-96.

HS 3.03 HS 3.03 Definitions. In this chapter:

HS 3.03(1) (1) “Completion date” means the date indicated in the approved part 2 application by which all eligible activity is to be completed.

HS 3.03(2) (2) “Eligible activity” means those portions of a project for which the owner may claim the costs under the 25% rehabilitation tax credit program under s. 71.07 (9r) (a) and (b) 1m., Stats.

HS 3.03(3) (3) “Eligible property” means real property located in the state of Wisconsin that has been determined to be historic property that is used as an owner-occupied personal residence and is not actively used in a trade or business, held for the production of income, or held for sale or other disposition in the ordinary course of the owner’s trade or business.

HS 3.03(4) (4) “Five year phasing application” means state form HPD:WTC004, “Request for Five-Year Project Phasing.,” available from the division of historic preservation, state historical society, 816 State Street, Madison, Wisconsin 53706.

HS 3.03(5) (5) “Listing date” means the date on which the property or the district in which it is physically located is listed in the national register or state register.

HS 3.03(6) (6) “National register” means the list of properties and districts of historic, archeological, architectural, and engineering significance in the national register of historic places maintained by the national park service, U. S. department of the interior under provisions of 16 USC 470.

HS 3.03(7) (7) “Officer” means the state historic preservation officer appointed under s. 44.32, Stats.

HS 3.03(8) (8) “Outbuilding” means any building within the legal boundaries of a property that contains eligible property under sub. (3).

HS 3.03(9) (9) “Owner” means the natural person whose name is listed in the county register of deeds as holding record title to the property or who holds equitable title as a land contract vendee.

HS 3.03(10) (10) “Part 1 application” means state form HPD:WTC001, “Historic Preservation Certification Application, Part 1—Evaluation of Significance,” available from the division of historic preservation, state historical society, 816 State Street, Madison, Wisconsin 53706.