Taxpayers who rehabilitate their owner-occupied residence may be eligible to subtract 25% of the costs of many expensive repairs and renovations from their state income taxes. The homeowner must live in the building or a portion of the building that will be rehabilitated. It can be a house or another type of historic building, such as a school or store being rehabilitated as a primary residence. The credit does not apply to buildings or portions of buildings that are used in a trade or business or produce income. The building under rehabilitation must be one of the following: - listed individually in the National Register of Historic Places, - contributing to a listed National Register historic district, - determined by the SHPO to be eligible for individual listing in the National Register, or - an outbuilding that contributes to the significance of a property listed in the National Register.
