Historic Structures Tax Act

[AI summary unavailable — showing source text] Historic Structures Tax Act - Provides, under the Internal Revenue Code, for the preservation and rehabilitation of historic structures by allowing a tax deduction under the Internal Revenue Code 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 wich was occupied by a certified historic structure which was demolished or substantially altered. Allows the taxpayer to compute the depreciation deduction attributable to substantially rehabilitated property as though the original use of such property commenced with him. Permits deductions for transfer of the remainder or partial interests in property for conservation purposes.…