The federal rehabilitation tax credit is responsible for saving hundreds of historic buildings in Maryland and thousands more nationwide. With Congress poised to take up comprehensive tax reform, signals now point to a battle to save the tax credit from repeal. Fortunately, there is still time to save this program.
Maryland has a competitive state historic tax credit application program, now known as the Heritage Structure Rehabilitation Tax Credit. Rehabilitation projects are selected based on merit and adherence to the Secretary of the Interior’s Standards and awarded tax credits until the maximum investment from the state of $9 million dollar is met.
On April 8, just a few days before the end of the 2016 session of the Maryland General Assembly, the state’s Heritage Structure Rehabilitation Tax Credit was re-authorized by both Houses of the Legislature.