What is a tax credit?
A tax credit lowers the tax owed. A tax credit differs from a tax deduction in that an income tax deduction lowers the amount of income subject to taxation while a dollar of tax credits reduces the income tax owed by 1 dollar.

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1. What is a tax credit?
2. What tax credits are available for the rehabilitation of historic buildings?
3. For the purpose of the credits, what makes a building "historic"?
4. What types of buildings qualify for the credits?
5. Is there a minimum investment that an owner must make to qualify for the credits?
6. What is the "adjusted basis" of a building?
7. What rehabilitation work qualifies for the credits?
8. Are there certain standards that must be followed in order to qualify for the credits?
9. What if a building is not currently listed on the National Register?
10. Who reviews the proposed work to ensure that the Secretary of the Interior's Standards are followed?
11. Are there provisions for recapture of the credit if a property is sold?
12. If a taxpayer's tax in a given year exceeds the amount of the credit, can the credit be carried over?
13. Can a project be phased over a period of time?
14. How does a person obtain an application packet?
15. What is process for obtaining the credits?
16. When is the tax credit claimed?
17. What is the timeframe for review?
18. Can a project utilize multiple investors?
19. Can the credits be sold?
20. Do federal alternative minimum tax provisions apply?
21. Is there an application fee for seeking the credits?
22. Are there other things to keep in mind when undertaking a tax credit rehabilitation?