New City Council Bill Would Extend Local Historic Tax Credit Program

08/18/2020
By Elly Colmers Cowan

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

City Council Bill 20-0552 Tax Credits – Historic Properties extends the period within which applications may be accepted for the tax credit for historic restorations and rehabilitations to February 28, 2022 and delegates certain administrative duties to be seen jointly by the Director of Planning and the Director of Finance. While a more thorough renewal process had already been underway, extension through February 2022 will allow the impact of Covid-19 to be properly considered before making any improvements or changes to the program to make it more widely available within Baltimore City.

Show Your Support: The next public hearing on the legislation is with the City Council Taxation, Finance & Economic Development Committee on Thursday, August 27, 2020 at 10AM. The public may submit written comments to the committee beforehand or testify at the hearing.

How to Attend

As Baltimore City looks to recover from the economic impact of the Covid-19 crisis, the Historic Tax Credit (HTC) program is a ready-made economic recovery tool. It has helped more than 3,500 historic properties, leveraging a staggering $1.2 billion in private investment into the City.  Additionally, according to a report on the tax credit program by PlaceEconomics, the leading firm specializing in the economic impact of historic tax credits across the country, the city can expect over $40 million in additional tax revenues from properties that have utilized HTCs. The program is also a proven job creator, generating $36 million in labor income and nearly 600 jobs annually. Extension of the program, while the impacts of COVID-19 are assessed, will allow the HTCs to continue to aid in the process of recovery.

Baltimore’s HTC program assists in the preservation of designated buildings and districts by defraying the cost of substantial rehabilitation work and supporting projects that may not be financially feasible without the program, while also serving as a tool for equitable investment and revitalization.  It is the city’s primary financial incentive to encourage owners of historic residential and commercial buildings to invest in the revitalization of their neighborhoods. It helps direct private investment into neighborhoods that need it the most and helps increase the property values of not only the CHAP project itself but also that of properties in the surrounding area.

Preservation Maryland’s Letter of Support (PDF)

Learn more about HIstoric TaX Credits

Elly Colmers Cowan · Director of Advocacy

Elly Cowan is here to get you involved in historic preservation, smart growth, and community development by becoming an advocate with us.

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