Historic Structures Tax Act

Summary

Historic Structures Tax Act - Title I: Short Title, Etc. - States that the changes made by this Act are to be changes to the Internal Revenue Code of 1954. Title II: Preservation and Rehabilitation of Historic Structures - Provides that every person, at his election, shall be entitled to a tax deduction under the Internal Revenue Code with respect to the amortization of the amortizable basis of any certified historic structure based on a period of 60 months. Sets forth the definitions of terms used in this Act, including the definition of "certified historic structure" as a building or structure which: (1) is listed in the National Register, or (2) is located in a Registered Historic District and is certified by the Secretary of the Interior or his delegate as being of historic significance to the distirct. Provides that in the case of the demolition of a certified historic structure: (1) no deduction shall be allowed to the owner or lessee of such structure for any amount expended for such demolition, or any loss sustained on account of such demolition; and (2) amounts described in paragraph (1) shall be treated as property chargeable to capital account with respect to the land on which the demolished structure was located. Permits the straight line method of depreciation of improvements in specified cases. Title III: Rehabilitation of Other Property - Provides that pursuant to regulations prescribed by the Secretary or his delegate, the taxpayer may elect to compute the depreciation deduction attributable to substantially rehabilitated property as though the original use of such property commenced with him. Title IV: Charitable Transfers for Conservation Purposes - Provides for income tax deductions for charitable contributions of partial interests in property for conservation purposes. Allows estate tax and gift tax deductions for transfers of partial interests in property for conservation purposes.

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1 official file

• Introduced in Senate

  summary · EN · 3 August 1973

  Open at official source

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