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Rehabilitation Credit

A federal tax credit offered for qualified expenses incurred during the rehabilitation of certified historic structures or other qualified buildings.

Internal Revenue Code of 1986

The primary body of federal tax law in the United States, administered by the Internal Revenue Service.

Qualified Rehabilitation Expenditures

The costs associated with renovating or improving a building that are eligible for a tax credit, generally excluding the cost of acquiring the building or its expansion.

Taxable Year

The annual accounting period for which individuals and businesses file income taxes, usually January 1 to December 31.

Placed in Service

The date when a property or asset is ready and available for its intended use, which is significant for determining when tax credits or depreciation can begin.

Recapture Period

A specific timeframe during which if certain conditions for receiving a tax credit or benefit are no longer met, the taxpayer may have to pay back some or all of the credit.

Affordable Housing

Housing units designated for households whose income does not exceed 80% of the median income for the surrounding market area, as defined by the Department of Housing and Urban Development.