Bulletin of historical and technical sources, Vol. 2 No. 9, 9
Bulletin of historical and technical sources, Vol. 2 No. 9, 9
So. doA. BULLETIN SEP-SI OF HISTORICAL AND TECHNICAL RESOURCES c r^n H t T F > Published by: Historical Services ; Division ^ l/'South Carolina Department of Archives and History P. O . Box T i 11 6 6 9 Editor: Janet T, S PA C E S ^ ^ ■ 1804 NortK Van Ness C o l u m b i a , S C 2 9 2 11 803/758-5816 Los Angeles, OA 90028 Lamb Volume 2, Number 9V September 198 E C O N O M I C R E C O V E RY A C T O F 1 9 8 1 FAV O R S P R E S E R VAT I O N The existing certification process, adminis tered by the State Historic Preservation Of fice (SHPO) and the US Department of the Inte During the past few months preservationists nationwide have been working tirelessly to se cure favorable treatment for historic proper ties under the tax package before the current rior (Interior), will be used to identify eli gible buildings and qualify their rehabilita tions. If the building is determined not to contribute to the historic district, the owner Congress. The new law, knownas the Economic R e c o v e r y Ta x A c t o f 1 9 8 1 > i n c l u d e s s i g n i fi c a n t revisions to the historic preservation tax in c e n t i v e s w h i c h w e r e fi r s t a u t h o r i z e d b y C o n may be eligible for other tax credits. gress or the "adjusted basis" of the building (actual cost minus any depreciation already taken). The monetary test to qualify for the tax credit in t h e Ta x Reform Act of 1976. The new provisions should provide major impetus to en courage capital investment in historic build ings and to spur revitalization of historic districts. In general, the new law provides a 25% invest ment tax credit for " c e r t i fi e d " rehabilitations u i n l s Ti o r i c r e n t a l r e s i a e n t i a i , c o m m e r c i a i , a n a industrial buildings which can be combined with a 15-year accelerated cost recovery (deprecia tion) period. A number of the existing lax provisions (Act of 1976) have been repealed. The five-year amor tization provisions will be repealed effective A-building must be "substantially rehabilita ted" in order to qualify. This means the re habilitation costs must be greater than $5,000 must be met within a two-year period or, for phased projects where architectural plans and specifications are completed before the rehab ilitation begins, over a five-year period. The rehabilitatibft work musx be reviewed and certified by both the SHPO and certified by In t e r i o r. L e s s e e s w i t h a l e a s e t e r m o f 1 5 - y e a r s or greater can qualify for the investment tax credit. The owners of buildings leased to tax exempt organizations and government entities are eligible. This provision was made retro 1 January 1982, CIRC Section 191). Owners may active to 30 July 1980. use the five-year write off for expenditures Non-historic building rehabilitations are also made in projects through 31 December 1981, and use the investment tax credit for expenditures i n c l u d e d i n t h e n e w l a w. A 1 5 % i n v e s t m e n t t a x made after that date. (In some cases where a and older, and a 20% investment tax credit for buildings UO years and older. These credits apply only to commercial and industrial build ings , which do qualify under the 25% historic provision. Review by the SHPO and Interior is required only when the buildings are in re gistered historic districts or are individually project will continue through 1981 into 1982, special provisions will have to be established by the IRS,) The old accelerated depreciation provision is repealed (IRC Section 167 (o)), effective 1 January 1982. The denial of accel erated depreciation for a new building con credit may be granted for buildings 30 years historic listed in the National Register. In computing building is repealed effective 1 January 1982 depreciation, owners of non-historic buildings structed on the site of a demolished (IRC Section 167 (n)). The 10% investment credit (Revenue Act of 1978) is replaced effec tive 1 January 1982, (IRC Sections 38 and 48). Owners may use the 19% credit for costs incur red through 31 December 1981, and the larger credit for costs incurred after that date. Buildings will qualify for this treatment if they are listed individually in the National Register of Historic Places or located in his t o r i c d i s t r i c t s a n d c e r t i fi e d a s c o n t r i b u t i n g t o t h e c h a r a c t e r a n d s i g n i fi c a n c e o f t h e d i s trict. Historical districts include: 1) Na tional Register historic districts and 2) State and locally designated historic districts if the ordinance authorizing or creating the dis trict as well as the district, itself, is c e r t i fi e d . (continued) are required to reduce the basis of the build ing by the amount of the credit they have taken, Historic buildings receive additional tax sav ings by their exemption from this requirement. The new investment tax credits are available for projects which begin 1 January 1982, and after. The provisions were enacted with no expiration date. The 15-year accelerated re covery period is available for buildings pur c h a s e d 1 J a n u a r y 1 9 8 1 , o r a f t e r. More information on these provisions is avail a b l e f r o m t h i s o f fi c e a n d , a s r e g u l a t i o n s a r e being revised currently, please contact us for a tax packet. Article credit: Some Words About Preserva tion (SWAP), August 1981. REHAB/TECH - AN OCTOBER CONFERENCE NEW PROGRAM SPONSORED BY THE VICTORIAN SOCIETY IN AMERICA The Association for Preservation Technology (APT) will hold a conference on common prob The Victorian Society has initiated a na lems in rehabilitation 7-10 October 1981 in tional preservation campaign to stop the Washington, DC. destruction of 19th-century buildings. The For further details > contact: program, S.O.S, — Save Our Structures, is designed to save endangered buildings of which preservation-minded citizens are BAIRD SMITH a w a r e . O n c e n o t i fi e d o f a b u i l d i n g ' s Association for Preservation Technology threatened situation and reviewing de Suite 301 tailed information on the building, the 1555 Connecticut Avenue, NW Washington, DC 20036 Victorian Society in America Preservation Committee will contact the appropriate of fi c i a l s w i t h t h e h o p e o f o f f e r i n g a l t e r n a t e uses for the building and averting its 202/272-3761 destruction. CONFERENCE PLANNED BY THE SMITHSONIAN INSTITUTION AND THE HISTORIC HOUSE A S S O C I AT I O N OF AMERICA More information is available on this new program from: 1-6 November 1981 is the time slated by the ROY EUGENE GRAHAM Historic House Association of America (HHAA) Chairman, Victorian Society in America and the Smithsonian Institution for their conference, HISTORIC HOUSE PRESERVATION: HOW TO. The program will include lectures by nationally known preservation experts and there will be tours of restored country es Preservation Committee The Ludwell-Paradise House W i l l i a m s b u r g , VA 2 3 1 8 5 804/229-1000, Ext. 2303 tates, urban homes, and townhouses in the Washington, DC area. B O O K S F O R T H E E N E R G Y- C O N S C I O U S H O M E For detailed information and registration OWNER Home Remedies, A Guidebook for Residential materials, contact: R e t r o fi t , e d i t e d b y To m W i l s o n , i s a c o m SELECTED STUDIES A £ I pilation of topics covered during The First 11 9 0 A N a t i o n a l R e t r o fi t C o n f e r e n c e h e l d i n Smithsonian Institution P r i n c e t o n , N J , d u r i n g 1 9 8 1 . T h i s c l e a r, how-to book covers subjects such as natural Washington, DC 20560 cooling, solar energy, stopping wintertime heat leaks, and includes a home inspection 202/357-21+75 checklist and book reviews. O L D - FA S H I O N E D A R C H I T E C T U R A L M I L LW O R K C ATA L O G Home Remedies is 253 pages long, paperback a n d c o s t s $ 1 0 . 0 0 . To o r d e r, s e n d p a y m e n t AVA I L A B L E Silverton Victorian Mill Works has old-style mouldings in stock — a fact that can save (publisher pays postage) to: the old house owner considerable time and MID-ATLANTIC SOLAR ENERGY ASSOCIATION m o n e y. L i s t e d i n i t s n e w c a t a l o g a r e o v e r 2233 Gray's Ferry Avenue P h i l a d e l p h i a , PA 1 9 1 4 6 150 mouldings, 4-9 of which are stock items. Silverton Victorian Mill Works' catalog is 32 pages long and can be ordered for $2,00 All Through the House, A Guide to Home f r o m : Weatherization, by Thomas Blandy and Denis Lamoureux, is written to help people control the energy systems in their homes. All Through the House is intended to help the homeowner diagnose the efficiency level of his house and improve its efficiency S I LV E R TO N V I C TO R I A N M I L L W O R K S Box 523 Silverton, CO 81^33 303/387-5716 rating. P R E S E R VAT I O N R E S O U R C E G R O U P, I N C . OFFERS C ATA L O G With subject headings of Basic Books; Case Studies; Design, Adaptive Use and Economics E n e r g y ; H o w To ; I n t e r i o r s ; L o g B u i l d i n g s ; Maintenance and Inspection; Masonry, Mois ture; Other Materials; Reference; Reprints; To o l s ; a n d W o o d , t h e P r e s e r v a t i o n R e s o u r c e Group (PRG) catalog presents over 60 pres ervation books for sale. Complete with ideas on how to diagnose, what materials to use, this 184-page paperback £;houid help the homeowner made some important decisions. All Through the House costs £7.95, plus $1.00 postage, and can be or dered from: MCGRAW HiLL BOOK COMPANY Attention: Order Service Princeton Road Hightstown, NJ 08520 To o b t a i n y o u r write to: PRESERVATION RESOURCE GROUP, INC. 5519 Southhampton Drive COMING NEXT MONTH: A report on the annual conference of the American Association for S p r i n g fi e l d , VA 2 2 1 5 1 S t a t e a n d L o c a l H i s t o r y.