TITLE 42
State Affairs and Government
CHAPTER 42-64.9
Mill Building and Economic Revitalization Act
SECTION 42-64.9-6.1
§ 42-64.9-6.1 Certified building
rehabilitation.
(a) A certified building shall be treated as having been substantially
rehabilitated only if the reconstruction and rehabilitation expenditures
incurred during the twenty-four (24) month period selected by the certified
building owner and ending with or within the taxable year in which the
rehabilitated certified building is first placed in service by the certified
building owner meet the definition of "substantial rehabilitation" set forth in
§ 42-64.9-4(13). For purposes of determining whether the requirements of
§ 42-64.9-4(13) have been met, the market value of the certified building
shall be determined at the beginning of the 1st day of such twenty-four (24)
month period.
(b) Special rule for phased rehabilitation. In the
case of any rehabilitation which may reasonably be expected to be completed in
phases set forth in architectural plans and specifications completed before the
rehabilitation begins, subsection (a) of this section shall be applied by
substituting "sixty (60) month period" for "twenty-four (24) month period."
History of Section.
(P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1; P.L. 2006, ch.
216, § 43.)
