### Question
How does Term Regional Benefits define qualified project costs?


### Answer
Under *26 U.S.C. § 1400L*, **qualified project costs** is defined as:

> the cost of acquisition, construction, reconstruction, and renovation of—


(i) nonresidential real property and residential rental property (including fixed tenant improvements associated with such property) located in the New York Liberty Zone, and


(ii) public utility property (as defined in section 168(i)(10)) located in the New York Liberty Zone

#### Citation:
  - *26 U.S.C. § 1400L*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter Y-Short-Term Regional Benefits > PART I-TAX BENEFITS FOR NEW YORK LIBERTY ZONE**

