2013 Vermont Statutes
Title 32 Taxation and Finance
Chapter 151 INCOME TAXES
§ 05930aa Definitions

5930aa. Definitions

As used in this subchapter:

(1) "Qualified applicant" means an owner or lessee of a qualified building involving a qualified project, but does not include a religious entity operating with a primarily religious purpose; a State or federal agency or a political subdivision of either; or an instrumentality of the United States.

(2) "Qualified building" means a building built prior to 1983, located within a designated downtown or village center, which upon completion of the project supported by the tax credit will be an income-producing building not used solely as a single-family residence.

(3) "Qualified code improvement project" means a project:

(A) To install or improve platform lifts suitable for transporting personal mobility devices, elevators, sprinkler systems, and capital improvements in a qualified building, and the installations or improvements are required to bring the building into compliance with the statutory requirements and rules regarding fire prevention, life safety, and electrical, plumbing, and accessibility codes as determined by the department of public safety.

(B) To abate lead paint conditions or other substances hazardous to human health or safety in a qualified building.

(C) To redevelop a contaminated property in a designated downtown or village center under a plan approved by the Secretary of Natural Resources pursuant to 10 V.S.A. 6615a.

(4) "Qualified expenditures" means construction-related expenses of the taxpayer directly related to the project for which the tax credit is sought but excluding any expenses related to a private residence.

(5) "Qualified fa ade improvement project" means the rehabilitation of the fa ade of a qualified building that contributes to the integrity of the designated downtown or designated village center. Fa ade improvements to qualified buildings listed, or eligible for listing, in the State or National Register of Historic Places must be consistent with Secretary of the Interior Standards, as determined by the Vermont Division for Historic Preservation.

(6) "Qualified historic rehabilitation project" means an historic rehabilitation project that has received federal certification for the rehabilitation project.

(7) "Qualified project" means a qualified code improvement, fa ade improvement, or historic rehabilitation project as defined by this subchapter.

(8) "State Board" means the Vermont Downtown Development Board established pursuant to 24 V.S.A. chapter 76A. (Added 2005, No. 183 (Adj. Sess.), 12.)