By Preservation Maryland
Preservation Maryland’s Six-to-Fix program began with a simple question: Could we do more to help save threatened history across our state?
The Program: In Maryland, owners of certified historic structures are potentially eligible for to earn a 20 percent state income tax credit on qualified rehabilitation expenditures. Known collectively as the Heritage Structure Rehabilitation Tax Credit program, there are three specific historic rehabilitation tax credits currently available in Maryland:
The Challenge: Funding for the competitive commercial tax credit has been reduced by nearly 90% since its creation in 1996. Virginia, by comparison invests nearly $100 million annually in their program – making preservation work in Virginia potentially more attractive to developers of large-scale, catalytic rehab projects.
Our Position: Preservation Maryland believes the State of Maryland should increase their investment in historic rehabilitation tax credits. We have spearheaded the creation of the Maryland Historic Tax Credit Coalition, which has requested that Governor Hogan increase funding for the large commercial tax credit program to $30 million per year – where funding stood ten years ago.