Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 3 · column 1 of 7 · from the scan, no model involved
complete une-btep
BUILDING SUPPLY
WARRENTON BUILDING
MATERIAL CO., INC.
on the by-pass, Warrenton
347-1400
Real Estate tSJ
Eileen M. Day realtorv
REHAB TAX CREDITS
QUESTION: Does the latest Tax Reform Law eliminate tax credits for rehabbing historic and very old buildings?
ANSWER: The Tax Reform Law reduces, but does not eliminate. the big tax credit for rehabilitating certain types of buildings. The credit is equal to a percentage of the cost of rehabilitating older commercial and industrial properties and certified historic structures (including residential properties).
Under the old rules, the credit was 25% for historic structures, 20% for nonhistone buildings at least 40 years old and 15% for nonhistone buildings over 30 years old.
Now there are only two credits: a 20% credit for rehabilitating historic structures and a 10% credit for commercial properties placed in service before 1936. Remember, a tax credit is more valuable than a deduction. A deduction reduces taxable income ' but a credit is subtracted from the amount of taxes owed.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House. Washington, VA 22747. Phone 6753003. We’re here to help.
89.2%