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Tax Reform Brings Changes to Real Estate Rehabilitation Tax Credit

10/31/2018

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Tax Reform Brings Changes to Real Estate Rehabilitation Tax Credit

Tax Reform Tax Tip 2018-161
October 17, 2018

The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule: 
  • ​The credit is 20 percent of the taxpayer’s qualifying costs for rehabilitating a building. 
  • The credit doesn’t apply to the money spent on buying the structure. 
  • The legislation now requires taxpayers take the 20 percent credit spread out over five years beginning in the year they placed the building into service.
  • The law eliminates the 10 percent rehabilitation credit for pre-1936 buildings.
  • A transition rule provides relief to owners of either a certified historic structure or a pre-1936 building by allowing owners to use the prior law if the project meets these conditions:
    • The taxpayer owned or leased the building on January 1, 2018, and the taxpayer continues to own or lease the building after that date.
    • The 24- or 60-month period selected by the taxpayer for the substantial rehabilitation test begins by June 20, 2018.

Taxpayers use Form 3468, Investment Credit, to claim the rehabilitation tax credit and a variety of other investment credits. Form 3468 instructions have detailed requirements for completing the form. 

More information: 
Rehabilitation Tax Credit - Real Estate Tax Tips
Internal Revenue Code Section 47 


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Copyright © 2022 Oceanside Chamber of Commerce
928 N. Coast Highway | Oceanside, CA 92054
Tel 760-722-1534 
info@oceansidechamber.com
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Picture
  • Oceanside
    • About Oceanside >
      • History of Oceanside
      • Demographics
      • Arts and Culture
      • Education
      • Employment
      • Health Care
      • Religious Organizations
      • Local Government and Services
      • Retiring in Oceanside
      • Oceanside Maps
    • Visitor Information >
      • Beaches
      • Accommodations
      • Groups and Meeting
    • Things to Do >
      • Oceanside Events >
        • Downtown History Walks
        • Farmers Market
        • Sunset Market
      • Shopping >
        • Coupons
      • Dining
      • Surfing
      • Regional Attractions
    • Volunteer Opportunities
  • Business Directory
    • All Categories
    • Coupons
    • New Members
  • Media
    • Advancing Oceanside Podcast
    • Blog
    • Member News
    • E-Newsletter
    • Publications >
      • Advertising Your Business
      • Best of Oceanside Magazine
      • Annual Community Guide
      • Military Publications
  • Chamber
    • Membership >
      • Member Portal
      • Membership Packages
      • Application
      • Testimonials
    • Advocacy >
      • Chamber Political Action Committee
      • Public Policy Guidelines
      • The Advancing Oceanside Report
    • Our Work >
      • 2021 Annual Report
      • 2023 Strategic Priorities
      • Committees - Task Forces - Forums
      • Oceanside Young Professionals
    • Economic Recovery >
      • 2021 Small Business Grant Program
      • 2020 Shop Local Oceanside
      • 2020 North County Cares Program
    • Workforce Development >
      • SOCAL Workforce
    • Kindness
    • Oceanside Leadership Academy
    • Our Team >
      • Board of Directors
      • Chamber Staff
    • Privacy Policy
  • Events
    • Signature Chamber Events >
      • Armed Forces Day Operation Appreciation
      • Heroes of Oceanside and Camp Pendleton
      • Meet the City of Oceanside
      • North County Health Fair
      • Oceanside Senior Expo
      • Rising Star Student Program
    • Monthly Chamber Events
    • Oceanside Community Events
  • Resources
    • Local Business Resources
    • Military Resources