Proposed Budget Cuts
Jeopardize Job-Creating Projects
Preservation Maryland voiced serious concern for proposed cuts to programs that support community and economic development through historic preservation. In a proposed budget released on January 23, the Hogan administration announced cuts to several programs in both future and existing funding.
The proposed budget would slash $2 million of the appropriation to the Sustainable Communities Tax Credit over the course of 2015 and 2016. The tax credit is a job-creating program that supports private sector investment in historic buildings across the state.
In addition to cutting future funding by $1 million, the plan would also reduce existing 2015 funding by $1 million – despite the fact that these funds have already been publically committed. Rather than creating an environment of stability for business, these cuts create instability for the private sector and threaten to stall the job growth and economic development potentially generated by these efforts.
[CLICK HERE TO SEE CURRENT 2015 TAX CREDIT PROJECTS]
According to a recent report by the Abell Foundation, for every $1 of tax credits issued through the Sustainable Communities Tax Credit program, $8.53 of economic activity are generated. Additionally, according to the same study, on average, every $1 million worth of state investment in the program creates nearly 72.5 jobs. Thus, by cutting $2 million worth of tax credits – the state could lose $17,000,000 worth of economic activity and nearly 150 jobs.
[READ THE FULL ABELL REPORT]
Regrettably, the governor’s proposed budget also includes a $300,000 retroactive cut to existing 2015 funding for the state’s 13 heritage areas – cuts that will be directly passed on to local heritage tourism oriented businesses. The state’s 13 heritage areas are one of the primary tools used to encourage heritage tourism to Maryland. Studies have repeatedly found that heritage tourists stay longer and spend more than any other travelers.
[LEARN MORE ABOUT THE HERITAGE AREAS]
Preservation Maryland’s Executive Director, Nicholas Redding, explained, “We understand times are tough but the budget shouldn’t be balanced on the backs of businesses working to revitalize the state. It seems like the governor’s tough medicine has been prescribed incorrectly.” Redding continued, “To cut previously awarded funds seems totally at odds with making Maryland business friendly and we trust the administration and legislature will find other ways to bring fiscal stability to the state.”
Governor Hogan Praised for Inclusion of Maryland History in Inaugural Address
Preservation Maryland praised Governor Larry Hogan for taking the momentous opportunity of his inauguration as Maryland’s 62nd chief executive to highlight the proud history of the state. Hogan, who was inaugurated on the steps of the historic statehouse in Annapolis, delivered his roughly 2,000 word inaugural address to an audience of more than 1,500. Read more >>
Welcome New and Renewing Members
At the end of July, Preservation Maryland sent out our new membership brochure. The success of Preservation Maryland depends in no small part on the dedicated support of our donors.Your support will enable us to continue promoting public policy that encourages the preservation of historic resources, sharing effective strategies and techniques, and providing funds to transform endangered buildings into sources of community pride.
Please renew your membership today and encourage your friends and neighbors to do the same!
2014 Endangered Maryland Released
Preservation Maryland's Endangered Maryland program is a call to action to save critically important historic buildings and sites that are at risk of being lost. Every site selected for this year's list is at imminent risk. Increased public dialogue and creative solutions are key to saving these historic places. Visit www.endangeredmaryland.org to learn about the selected sites and find out what you can do to help.
Members like you are the foundation of our efforts.
Online giving is a quick and easy way to support us!
Let us stay in touch with you about projects and advocacy alerts, sign-up for our monthy e-newsletter.
SIGN UP TODAY!