Preserving our state’s history and culture is vital to growing the economy and attracting talent. This program incentivizes developers to maintain the integrity of our historic buildings, giving them new life.
Any taxpayer is eligible to participate in this program. Not-for-profit entities and government entities are ineligible. Any participation by not-for-profit entities, including but not limited to ownership interest, capital contributions, distribution of tax credits, incurrence or payment of rehabilitation expenses, lease to a tax-exempt entity, may result in the reduction of tax credits.
The provisions of preliminary application and guidelines and final application and guidelines are effective on all incoming preliminary applications received by DED on the date the accompanying administrative rules, 4 CSR 85-5.020-.030, become effective - February 28, 2009.
Effective May 1, 2007, for all final cost certifications submitted, DED will require that any state qualified rehabilitation expenditures incurred by or on behalf of the project owner due to transactions with related parties be examined by the CPA in the cost certification. The project owner is considered related to the party providing project goods or services under the following circumstances: (1) the project owner has a financial interest in the other party (i.e., general contractor, subcontractor, vendor, etc.); (2) one or more of the officers, directors, stockholders, or partners of the project owner is also an officer, director, stockholder, or partner of the other party; (3) an officer, director, stockholder, or partner of the project owner has a financial interest in the other party or has controlling interest in the management or operation of the other party; (4) the project owner receives a fund advance from the other party; or (5) the project owner grants the other party stock or an ownership interest in the project owner as full or partial payment of the project owner's obligation to the other party. Effective December 1, 2016 payments made by gift cards will be disallowed.