Fillable Form It-Rhc - Rehabilitated Historic Tax Credit

Form It-Rhc - Rehabilitated Historic Tax Credit - 2017 Page 2

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CLEAR

Part B - Historic Home Located in a Target Area

Determination of Substantial Rehabilitation

1. Amount of the qualified rehabilitation expenditures (line 2e. II.

from your Part B - Final Certification)

_______________

2. Dollar limitation

$5,000

3. Subtract lin e 2 from line 1, if zero or less, STOP, you have not completed a

substantial rehabilitation and are not eligible for this portion of the credit

Amount of the Credit

_____________

3. Amount from Line 1

4. Credit limitation

30%

5. Multiply line 3 by line 4

Summary for Historic Home

1. Enter the total of Part A - line 10 or Part B - line 5

2. Maximum Credit

$100,000

3. Enter the lesser of line 1 or line 2 here and on your income tax return

Any unused historic rehabiliation tax credit for a historic home may be carried forward for ten years after the taxable

year in which the certified rehabilitaton was completed.

Part C - Any Other Certified Structure

Determination of Substantial Rehabilitation

1. Amount of the qualified rehabilitation expenditures (Line 2e. II.

from your Part B - Final Certification)

2. Adjusted basis of the certified structure at the beginning of the 24 month

(or 60 month) rehabilitation period. This is the basis used to determine

gain or loss for Federal Income tax purposes (Line 2a. from your

Part B - Final Certification)

______________

3. Dollar limitation

$5,000

4. Enter the greater of line 2 or line 3

5. Subtract line 4 from line 1, if zero or less, STOP, you have not completed a

substantial rehabilitation and are not eligible for this portion of the credit

Amount of the Credit

_____________

6. Amount from Line 1

7. Credit limitation

25%

8. Multiply line 6 by line 7

If this project (certified rehabilitation of any other certified structure) creates 200 or more full-time, permanent jobs or

$5 million in annual payroll within two years of the placed in service date, then complete Part E (do not complete Part D).

Taxpayer cannot complete both Part D and Part E for the same project (certified rehabiliation of any other certified structure).

Part D- Credit Amount for Any Other Certified Structure-$5 million credit limitation

1. Enter the total of Part C- Line 8

2. Maximum Credit

$5,000,000

3. Enter the lesser of line 1 or line 2

Part E- Credit Amount for Any Other Certified Structure-$10 million credit limitation

1. Enter the total of Part C- Line 8

2. Maximum Credit

$10,000,000

3. Enter the lesser of line 1 or line 2

Form It-Rhc - Rehabilitated Historic Tax Credit - 2017 Page 2

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