Article 3H.

Mill Rehabilitation Tax Credit.

(See G.S. 105-129.75 for repeal of this Article.)

§ 105‑129.70.  (See note for repeal) Definitions.

The following definitions apply in this Article:

(1)       Certified historic structure. – Defined in section 47 of the Code.

(2)       Certified rehabilitation. – Defined in G.S. 105‑129.36.

(3)       (Effective for taxable years beginning before January 1, 2008) Cost certification. – The certification obtained by the State Historic Preservation Officer from the taxpayer of the amount of the qualified rehabilitation expenditures or the rehabilitation expenses incurred with respect to an eligible site.

(3)       (Effective for taxable years beginning on or after January 1, 2008) Cost certification. – The certification obtained by the State Historic Preservation Officer from the taxpayer of the amount of the qualified rehabilitation expenditures or the rehabilitation expenses incurred with respect to a certified rehabilitation of an eligible site.

(3a)     Development tier area. – Defined in G.S. 143B‑437.08.

(4)       (Effective for taxable years beginning before January 1, 2008) Eligibility certification. – The certification obtained from the State Historic Preservation Officer that the applicable facility comprises an eligible site and that the rehabilitation is a certified rehabilitation.

(4)       (Effective for taxable years beginning on or after January 1, 2008) Eligibility certification. – The certification obtained from the State Historic Preservation Officer that the applicable facility comprises an eligible site.

(5)       Eligible site. – A site located in this State that satisfies all of the following conditions:

a.         It was used as a manufacturing facility or for purposes ancillary to manufacturing, as a warehouse for selling agricultural products, or as a public or private utility.

b.         It is a certified historic structure or a State‑certified historic structure.

c.         It has been at least eighty percent (80%) vacant for a period of at least two years immediately preceding the date the eligibility certification is made.

d.         (Repealed effective for taxable years beginning on or after January 1, 2008) The cost certification documents that the qualified rehabilitation expenditures for a site for which a taxpayer is allowed a credit under section 47 of the Code or the rehabilitation expenses for a site for which the taxpayer is not allowed a credit under section 47 of the Code exceed three million dollars ($3,000,000) for the site as a whole.

(6)       Repealed by Session Laws 2006‑252, s. 2.22, effective January 1, 2007.

(7)       Pass‑through entity. – Defined in G.S. 105‑228.90.

(8)       Qualified rehabilitation expenditures. – Defined in section 47 of the Code.

(9)       Rehabilitation expenses. – Defined in G.S. 105‑129.36.

(10)     State‑certified historic structure. – Defined in G.S. 105‑129.36.

(11)     State Historic Preservation Officer. – Defined in G.S. 105‑129.36.  (2006‑40, s. 1; 2006‑252, s. 2.22; 2008‑107, s. 28.4(a).)