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Preservation Maryland Hosts Legislative Preview

01/06/2022
By Preservation Maryland

A week before the start of the 2022 session of the Maryland General Assembly, Preservation Maryland, in partnership with Cross Street Partners, co-hosted a legislative preview and conversation with Senator Cory McCray of Baltimore City and House Majority Leader Eric Luedtke of Montgomery County about what’s in store for the state Historic Revitalization Tax Credit during the upcoming session of the Maryland General Assembly. Preservation professionals from across the state joined to learn about legislation that is poised to make major investments in the Historic Tax Credit from its sponsors, as well as the best strategies for advocating to ensure its passage.

The Maryland Historic Revitalization Tax Credit has a well demonstrated 8:1 return on investment for the state, and for every $1M in historic tax credits, about 72 jobs are created.

However, the economic benefits of the historic tax credit in Maryland cannot be impactful without adequate funding to the program. The proposed legislation, Historic Revitalization Tax Credit – Funding and Extension, would address the chronic underfunding that hamstrings the program by annually funding the Small Commercial Tax Credit program at $4 million and steadily increasing funding for the Competitive Commercial Tax Credit to $36 million by 2027.

Session begins next Wednesday, January 12, so you will be hearing from us at Preservation Maryland shortly with more information on our legislative priorities, including this bill, and ways to get involved.

 

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Preservation Maryland is Maryland’s first and largest organization dedicated to preserving the state’s historic buildings, neighborhoods, landscapes, and archaeological sites.

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