Historic Downtown Preservation and Access Act

“36C. Historic building expenses

“(a) In general—There shall be allowed a credit against the tax imposed by this subtitle for the taxable year an amount equal to 50 percent of the qualified historic building expenses paid or incurred by the taxpayer during such taxable year.

“(b) Limitation—The credit allowed under subsection (a) with respect to any taxpayer for any taxable year shall not exceed $50,000.

“(c) Qualified historic building expenses—For purposes of this section—

“(1) In general—The term qualified historic building expenses means amounts paid or incurred to install in a certified historic structure an elevator system or a sprinkler system that meets the requirements found in the most recent edition of NFPA 13: Standard for the Installation of Sprinkler Systems.

“(2) National historic landmarks—In the case of a certified historic structure that is designated as a National Historic Landmark in accordance with section 101(a) of the National Historic Preservation Act (16 U.S.C. 470a(a)) and that is open to the public, the term qualified historic building expenses shall not include an expense described in paragraph (1), unless the installation of property described in such paragraph meets the requirements for a certified rehabilitation under section 47(c)(2)(C).

“(3) Certified historic structure—The term certified historic structure has the meaning given such term in section 47(c)(3), except that such term shall not include any structure which is a single-family residence.”