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Show LETTERS Taxes and Historic Buildings functions that the Tax Reform Act performs: It permits a five-year amortization amorti-zation of certified rehabilitation expenses made in connection with qualified properties that are depreciable. It eliminates business expense ex-pense deductions for demolition of qualified properties that are depreciable. It eliminates accelerated depreciation for structures built on the site of properties that are depreciable. It provides special depreciation deprecia-tion rules for certain rehabilitation rehabilita-tion expenses made in connection with properties that are depreciable. depreci-able. Structures located in Historic Districts designated under Park City Land Management Code are eligible for the tax advantages available under the 1976 Reform Act. . David Preece City Planner Editor: The Tax Reform Act of 1976 contains important changes to the tax code that affect the inhabitation inhabita-tion and demolition of historic buildings. Before the passage of the Act, there was more of a tax advantage to demolish and replace older buildings no matter what their historic significance signifi-cance was then there was to preserve and rehabilitate them. Tax Reform Act of 1976 gives older buildings in the historic districts the right to survive; thereby preserving and promoting promot-ing the heritage of Park City. Historic preservation has become over the last decade. But in a society oriented toward maximizing maximiz-ing profit, the conservation of historic buildings will get off the ground unless there are economic incentives to encourage such rehabilitation. There are four distinctive |