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National Register Fact Sheet 1, Page 2 ~. Incentives for Ibc Preservation of Nalional Register Properties: Tax Benefils. Under the Tax Reform Act of 1986, a privately owned building that is listed in the National Register or is a contributing building in a National Register historic district may be eligible for a 20% federal income investment tax cfed. it claimed 'againsl the costs of a qualified rehabilitation of the building. These credits apply only to income-producing, depreciable properties, including residenlial rental properties. The credils do not apply to owner-occupied residential properties. The cost' of Ihe rehabilitalion must equal Or exceed tile adjusted basis of the building (origins] cosl minus land value, minus previous depreciation, plug previous'capital improvements). Plans for the rehabili- tation are reviewed by the North Carolina Hist0dc Preservation Office and the National Park Ser- vice~ ~nd work on the building must meet federal rehabilitation stands(ds. For more information and applications, contact the Tax Act Coordinator at the address gig, eh below, or telephone 9191733- The Tax Treatment Extension Ac( of 1980 provides federal, tax deductions for charitable contribu- lions of partial interests (easements) in historic~ly'signifi~.ant properties for conser{,ation Purposes. ]nleresled individuals should consult legal counsel o~ the ]oeallnlernal Revenue Sea,ice office for a~i.s{afic~ in determining the tax consequent6s 0frth~:P~'9~,!~ipfis of this Grahi~ and LoanS. A limited program of fiiai~chi~§'g'ra~ts for chi rehabilitati0fi of National Register ;' Propertie~, including those that are priL'atgly'owned, w~i flu_th'or(zed by the National Historic Preser- ::validn'A~t of 1966,' but has not been funded tcf-a signifidant degree since the early 1980s. A loan 'p're~ra~n authorized by the Act has n~ver beeii funded~ similarl);; there'are no state grant or }nan programs specifically tailored for the preservalion of National Register properties. NOTE:^ privately or-'ned ~rop~ny may noi be lisi~l in the NatiOnal Register'~ver the obj~:tio~ of its ovm~r or, in the casc'bf i'proper{y with multiple ov.'ne~s, 6vet the'objection of a majoriiy of owfii~. A district ma)' not be listed in the Nad~nal R,~gister oyer the objection of a maj°dt~ Of o~ne/s 0f private prol~.rty Within the pr0po.r, ed district. For a com- ~fet.~ fo; (6'i Niii'~al .s~ Ratio,iai Fac~ Sheet 5: 'Pto- ~ ~.c'tipti~n'-o f'~r nc'ed u r es Register ced~e for Supponin~ or Objectin~ to National R~gisi~r Listing. ' " - ' See also the foltowi~e numbered Nt:tional Register ~;:c/ sheetS:: 2: 'National Register Criteria for £:'aluation' 3: 'How Historic Properties Are Listed in the National Register of Historic Placec' 4: 'The Natinnal Register of Historic Plac~ in Noah Ca;olfiia~ Fact~ and Figures' See the'h:~ldout enlitled 'A Comparison of ibc N~,tional Regisler of HiStoric: Place.{ With Local Historic Landmark and District O~.~ignations° for review of the difference, s programs. FOR MORE INFORMATION: Historic structures and the National Register. Surrey nnd Planning Branch. 919/733-6545. Archaeological sites and the National Register: Office of State Archn~log.v. 919/'/33-7342. Pre.~:tx, arioa tax credits and technical restoration assistance: R~storatlon Branch, 91~/733-6547. I~vironmentsl protection and planning: Environing!al R~.viev.- Coordinator, Administration Branch. 919F/33-4763 Written inquiries to each of the. se branches m;,y .be gat tO:' '.. Slain Hi~loric Pr~eK'ation OffiCe N.C. Divislon of Archives and HistoD' '. :! ~t::: c Raleigh, North'Carolina 27601-2507 "'- ' ~-~ ~h~ National Regigtcr pio.erim is'~'ove, ra~ b~'the foll~v.-in~ fedii'al im~ slate mles'ind regulafiooi: 36CFR Pan 60 (interim role). 36CFR Pan 61 (tiaa(i'ute). and NOrth Cz~.olina Adminlstratis;e Code T07: 0~R .0300.