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.
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.
Leading preservation economics firm, PlaceEconomics recently completed an analysis of Baltimore City’s Historic Preservation Tax Credit program that supports positive assumptions about the value of the credit, and brings to light new information about the use and benefit of the credit in communities across the city.