1. (a) Subject to section 14 of this chapter, and except as provided in section 15.5 of this chapter, a taxpayer is entitled to a credit against the taxpayer's state tax liability in the taxable year in which the taxpayer completes the preservation or rehabilitation of historic property and obtains the certifications required under section 9 of this chapter.

2. (b) The amount of the credit is equal to the lesser of ten thousand dollars ($10,000) or twenty percent (20%) of the qualified expenditures that:

   1. (1) the taxpayer makes for the preservation or rehabilitation of historic property; and
   2. (2) are approved by the office.

3. (c) In the case of a husband and wife who:

   1. (1) own and rehabilitate a historic property jointly; and

   2. (2) file separate tax returns;

      the husband and wife may take the credit in equal shares or one (1) spouse may take the whole credit.

As added by P.L.129-2001, SEC.7. Amended by P.L.166-2014, SEC.28; P.L.125-2025, SEC.2.