(a) A certified building shall be treated as having been substantially rehabilitated only if the reconstruction and rehabilitation expenditures incurred during the twenty-four-month (24) 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-month (24) period. (b) Special rule for phased rehabilitation. In the case of any rehabilitation that 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-month (60) period” for “twenty-four-month (24) period.”
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