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Show THE NATIONAL ENTERPRISE, 23 OCTOBER 12, 1977 City asks feds to qualify historic areas for fax incentives Salt Lake City formally requested has certifica- tion from the Secretary of Interior of its Historic districts and Landmark Sites ordinance in order to qualify developers for tax incentives to rehabilitate existing structures rather than build new ones. Also the Interior has denied the state of Utah such certification btcause its law lacked a provision for a committee to review private Wilson Martin, the states preservation planner, explained that under the Tax Reform Act of 1976, the incentives apply to buildings registered as national historic sites and those within national, state, or local historic districts. The state or local district enabling legislation must be certified by the Secretary of the Interior in order for the provisions to ed depreciation on the entire cost (excluding land). Demolition costs of historic buildings cannot be deducted. Accelerated depreciation cannot be taken on new buildings built on the site of a demolished historic structure. Martin said the purpose of the law was to make preservation of old buildings more economically viable, provide more jobs, and save Your image is important... scarce raw materials. He claimed for every $1 million spent on rehabilitation, 109 people are employed. Only 69 are employed in new construction, with the money not used for wages spent on raw materials. Martin said the effect was not to take or condemn property, but only to provide a tax penalty if a historic structure is not preserved. A 1 EARN 12 INVESTORS I ON YOUR MONEY Earn a minimum of 12 secured by deeds of trust on homes, unimproved lands and commercial Utah properties. All investments thoroughly processed by United Mortgage. Our record is excellent. . .our investors have never lost a cent in over 24 years of doing business. For further information, no obligations, please 1 call or write. A apply. Martin listed four specific impacts of the tax law on such buildings: If rehabilitation costs are less than the cost of the building, a developer may amortize the rehabilitation costs in five years. If rehabilitation costs are greater than the cost of the building, the developer may either amortize the repairs in five years and take accelerat I business backgrounds 486-587- Mall enterings accessories furniture interior design space planning remodeling carpeting draper qOOOOOOOOOOOOO o o Lyngle Bros. Commercial Interiors .mi South MM) West Sail lula'Cilx. I'l.th S4II)"7 iHODWvZMl 0000000 oo 00 OOOOOOOOOOoOOOOOO Reach Salt Lakes biggest spender: the tourist o o e EXECURVQNFORMANT salt lake cuy EXECUTIVE INFORMANT is edited for discriminating guests who stay in hotels AND MOTELS IN THE GREATER SALT LAKE REGION. EXECUTIVE INFORMANT IS A GUIDE OF WHAT TO SEE, WHERE TO BUY AND WHAT TO DO FOR THE BUYER AWAY FROM HOME. EXECUTIVE INFORMANT provides informative and authoritative coverage both EDITORIALLY AND GRAPHICALLY ON A WIDE RANGE OF SUBJECTS WHICH ARE OF SPECIAL INTEREST TO THE EXECUTIVE AND TRAVELER. THIS DELUXE HARD COVER BOOK IS PLACED AND MAINTAINED IN EVERY ROOM OF ALL THE LEADING HOTELS, MOTELS AND RESORTS IN AND AROUND SALT LAKE CITY. IT HAS A READERSHIP IN EXCESS OF 1 MILLION PEOPLE ANNUALLY. room copy 9 O e 00S 0O0 o oooo ooeooeoooooo EXECUTIVE INFORMANT, INC. 0 25 SOUTH 300 EAST SALT LAKE CITY. UTAH 841 PHONE (801) 531-007- 7 Sf?. 1 1 OOO o o o o o o o o e o o o A |