Chapter 17: MAINE HISTORIC PRESERVATION COMMISSION
§511. Support for state rehabilitation tax credits
1.Program. The director shall administer, in consultation with the Department of Administrative and Financial Services, Bureau of Revenue
Services, a program in support of state rehabilitation tax credits for income-producing historic structures pursuant to Title
36, section 5219-BB.
[
2007, c. 539, Pt. WW, §1 (NEW)
.]
2.Certification. The director shall certify information necessary for applicants to demonstrate eligibility for an income tax credit under
Title 36, section 5219-BB, including, but not limited to:
A. That rehabilitations of certified historic structures are consistent with the United States Secretary of the Interior's Standards
for Rehabilitation; and [2009, c. 361, §1 (AMD); 2009, c. 361, §37 (AFF).]
B. That historic structures are listed in or are eligible for listing in the National Register of Historic Places or are in certified
local districts. [2009, c. 361, §1 (AMD); 2009, c. 361, §37 (AFF).]
C. [2009, c. 361, §37 (AFF); 2009, c. 361, §1 (RP).]
When performing the certification required by this subsection, the director shall interpret the provisions of this subsection
in a manner consistent with the provisions of the federal Internal Revenue Code, Section 47.
[
2009, c. 361, §1 (AMD);
2009, c. 361, §37 (AFF)
.]
3.Administration. The director may provide forms, instructions and guidelines necessary for an applicant to apply for certification under
the program.
[
2007, c. 539, Pt. WW, §1 (NEW)
.]
4.Fees. The director may establish a schedule of processing fees, the proceeds of which must be used by the director solely for
the support of the administration of certifications under this section. The processing fees collected by the director must
be placed in a nonlapsing historic rehabilitation certification fund to be used solely by the director for the administration
of certifications required under this section.
[
2007, c. 539, Pt. WW, §1 (NEW)
.]
5.Reports. The Maine Historic Preservation Commission shall issue the following reports.
A. The Maine Historic Preservation Commission shall issue a report by March 1st of each year that identifies the approved and
certified state historic preservation certification applications and documents the number of affordable housing units created,
total housing units created, number of affordable housing units preserved, total aggregate square footage rehabilitated and
developed, total aggregate square footage of housing, total aggregate square footage of affordable housing, total certified
rehabilitation expenses and total new construction expenses. [2007, c. 539, Pt. WW, §1 (NEW).]
B. By January 15, 2013, the Maine Historic Preservation Commission shall analyze the use of tax credits provided under Title
36, section 5219-BB as an incentive for rehabilitation of historic structures and economic development, analyze tax and other
revenues generated by the rehabilitation to determine in relation to the cost of the credit if they exceed the costs of the
credit and report the results of its analysis to the joint standing committee of the Legislature having jurisdiction over
taxation matters with recommendations as to whether the credits under Title 36, section 5219-BB should be extended, repealed
or amended. The joint standing committee may submit legislation related to the report. [2007, c. 539, Pt. WW, §1 (NEW).]
[
2007, c. 539, Pt. WW, §1 (NEW)
.]
SECTION HISTORY
2007, c. 539, Pt. WW, §1 (NEW).
2009, c. 361, §1 (AMD).
2009, c. 361, §37 (AFF).
Data for this page extracted on 10/14/2009 10:53:26.