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§42-64.9-6.1  Certified building rehabilitation. –

Published: 2015

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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.)