Search Results for ‘historic tax credit’

The National Park Service recently released their Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for FY 2020, and it shows that despite the unprecedented year, the federal historic tax credit was able to have a positive impact for historic communities across Maryland and around the country.

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Maryland’s Small Commercial Historic Tax Credit program has run out of money and requires immediate funding. This week, Senate and House committees will hold hearings for HB865/SB659 that would extend the life of this vital program by increasing the authorized funding amount by $1 million.

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As a result of Preservation Maryland and its many partners’ ongoing advocacy, seven projects across Maryland recently received over $9 million in historic tax credit funding. As a result, over $33 million worth of projects will move forward – underscoring the significance of preservation advocacy and power of revitalization incentives.

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In late August, the Taxation, Finance, & Economic Development Committee of the Baltimore City Council returned a favorable report on Council Bill 20-0552, which extends the city’s historic tax credit through 2022. The bill now moves on to the full City Council, and we need you now to reach out to your councilperson and ask them to support this legislation.

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The City of Baltimore is currently considering a bill that would extend its historic tax credit through February 2022.

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The House of Representatives has passed The Moving Forward Act (H.R. 2), a comprehensive infrastructure bill that includes enhancements and temporary emergency measures for the federal Historic Tax Credit, thanks in part to the advocacy of Preservation Maryland and our national partners.

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In March, the National Park Service released their latest Annual Report on the Historic Tax Credit program, the largest Federal investment in historic preservation.

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Maryland’s historic tax credit is a ready-made tool for economic recovery in the wake of the coronavirus pandemic. Preservation Maryland is hard at work to ensure that the Historic Rehabilitation Tax Credit remains funded for FY21.

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As a result of Preservation Maryland and its many partners’ ongoing and sustained advocacy, $9 million more historic tax credit projects were recently funded across Maryland. As a result, over $180 million worth of projects will move forward – underscoring the importance of preservation advocacy. However, the lack of geographic diversity in the projects awarded highlights the continued need for more funding in the program.

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Rutgers University and the National Park Service released the latest Annual Report on the Economic Impact of the Federal Historic Tax Credit. The data from fiscal year 2018 compiled in the document describe the positive impact of the historic rehabilitation projects on indicators like job growth and leveraged investment.

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