Historic Preservation Tax Act

[AI summary unavailable — showing source text] Historic Preservation Tax Act - Title I: Short Title - Sets forth the popular name for this Act. Title II: Rehabilitation of Historic Structures - Provides under the Internal Revenue Code for the preservation and rehabilitation of historic structures by allowing a tax deduction with respect to the amortization of the amortizable basis of any certified historic structure based on a period of 60 months. Specifies that no deduction shall be allowed for any expense or loss incurred as a result of the destruction of a certified historic structure. Limits deductions on structures erected upon a site which was occupied by a certified historic structure which was demolished or substantially altered. Title III: Rehabilitation of Historic Property - Allows a taxpayer to compute the depreciation deduction attributable to substantially rehabilitated historic property as though the original use of such property commenced with him. Title IV: Charitable Transfers for Conservation Purposes - Allows income, estate and gift tax deductions for transfer of remainder or partial interests in property for conservation purposes.…