Code of Colorado Regulations
1504 - Department of Higher Education
1504 - Historical Society
8 CCR 1504-10 - INCOME TAX CREDIT FOR QUALIFIED COSTS INCURRED IN PRESERVATION OF QUALIFIED RESIDENTIAL STRUCTURES
Section 10 - REQUESTS FOR FINAL APPROVAL OF COMPLETED REHABILITATION WORK
Current through Register Vol. 47, No. 5, March 10, 2024
10.1 Within one hundred twenty (120) days of completion of the rehabilitation work described in the approved application and Rehabilitation Plan, the applicant shall submit a request for final approval of the rehabilitation work to the Reviewing Entity. Rehabilitation work is considered complete on the date the structure is placed in service by a certificate of occupancy, or if no such certificate is required, on the date when the qualifying structure is utilized for its intended use.
10.2 Requests for final approval of completed rehabilitation work shall be made on a form developed by the Historical Society. The Historical Society's final approval request form shall be used by all Reviewing Entities, and all Reviewing Entities shall make this form available to the public. The form shall include a certification by the applicant that qualified rehabilitation expenditures were incurred in connection with an approved Rehabilitation Plan and the applicant's signed approval to allow the Reviewing Entity reasonable access to the property.
10.3 With the form, the applicant also shall submit: "after" interior and exterior photographs documenting the completed rehabilitation work; an itemized accounting of all qualified rehabilitation expenditures incurred; and the applicant's estimate of the tax credit for which the Owner is eligible. For rehabilitations that are not part of a major disaster area or a rural community, the estimate should be twenty percent of qualified expenses up to $50,000.
10.4 Applicants who have projects in a major disaster area or a rural community should work with their Reviewing Entity to determine whether they may qualify for a greater tax credit.
