(a) Any taxpayer who files a state income tax return and owns a historic residence may claim an income tax credit of up to twenty percent (20%) of certified maintenance or rehabilitation costs. (b) An owner shall make a preliminary application for certification of maintenance or rehabilitation costs for the tax credit to the commission. By applying for certification, the owner consents that the commission may have access to the historic residence for inspection at reasonable times to ensure that the maintenance or rehabilitation complies with guidelines as established by the commission. (c) The commission shall establish a minimum dollar amount above which an owner must spend in order to qualify for the income tax credit. (d) Upon completion of the maintenance or rehabilitation, the owner shall notify the commission, at which time the commission shall determine whether the maintenance or rehabilitation did or did not comply with the commission guidelines established under this chapter. At that time, the owner will provide the commission with documentation of the work performed and certify the costs incurred in the maintenance or rehabilitation. (e) If the commission approves the maintenance or rehabilitation, the commission shall certify to the owner, in writing, that the maintenance or rehabilitation complied with the guidelines and the total amount of the tax credit based upon the owner’s certification of costs. This certification form shall be filed by the owner with the owner’s state income tax return when requesting the income tax credit.
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