### Question
Can you define what qualified project costs means?


### Answer
**Qualified project costs** is defined as the following in *26 U.S.C. § 1400L*:

> 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-New York Liberty Zone Benefits**

