Maryland Historic Tax Credit Application FY2018 Period Now Open

06/30/2017
By Elly Colmers Cowan

Maryland awards state historic tax credits for large commercial projects through a competitive application process. Rehabilitation projects are selected based on merit and adherence to the Secretary of the Interior’s Standards and awarded tax credits with a $3 million per-project cap until the maximum budgeted investment from the state of $9 million is met.

FROM THE MARYLAND HISTORICAL TRUST

The application period for the Competitive Commercial credit is now open. Applications are due August 31, 2017.

Owners of income-producing properties have the opportunity to earn a state income tax credit that is equal to 20 percent of eligible rehabilitation expenses for substantial rehabilitation projects. The tax credit for a single project is capped at $3 million. Substantial rehabilitation projects are defined as projects with eligible expenses that exceed the greater of the adjusted basis value of the structure or $25,000.

2016 Tax Credit Projects

ADVOCACY

In 2016, thanks in part to the advocacy work of Preservation Maryland, the Maryland Heritage Structure Rehabilitation Tax Credit was reauthorized for an additional 5 years. The competitive commercial¬†tax credit program is authorized for $30 million but, for the last three years, has been funded at $9 million for the entire state. One of Preservation Maryland’s priorities during this upcoming session of the Maryland General Assembly will be working to increase the funding for this program.

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Elly Colmers Cowan · Director of Engagement

Elly Cowan is here to motivate you to get involved in historic preservation and community development by becoming an advocate with us or learning something new at one of our events.

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