Section 170(h); Qualified Conservation Contributions
Internal Revenue Code Section 170(h) sets forth the general requirements of making a qualified conservation contribution. It defines qualified organizations, entities eligible to receive qualified conservation contributions, and the conservation purposes for which such contributions may be made, including the protection of a certified historic structure, also defined therein. It also sets forth special rules for buildings in registered historic districts.
Section 170(f); Disallowance of Deduction in Certain Cases and Special Rules
Internal Revenue Code 170(f) includes, among other things, requirements for the substantiation of charitable contributions over $250, definitions of “qualified appraisal” and “qualified appraiser”, and special rules for the contribution of facade easements in registered historic districts.
Sections 170(f) and 170(h) were amended by the passage of the Pension Protection Act of 2006 (PL 109-280).
Section 170(b); Percentage Limitations
Internal Revenue Code Section 170(b) establishes the amount of any charitable contribution that may be deducted by a donor, as compared to the taxpayer’s contribution base in any given year. These percentage limitations have been raised through December 31, 2011, for qualified conservation contributions by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Section 47; Rehabilitation Credit
Internal Revenue Code Section 47 relates to the rehabilitation tax credit available for qualified, substantial rehabilitations of depreciable certified historic structures or depreciable structures built prior to 1936.