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General Interest & Miscellaneous News
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Maryland Legislature Debates State Rehab Tax Credit Program Reauthorization
Historic Preservation Blog from PreservationDirectory.com - Maryland Heritage Structure Rehabilitation Tax Credit program, Maryland state legislature, National Trust for Historic Preservation
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Website: http://www.nthp.org

The Maryland state legislature is debating bills (HB 309 and SB 258) to reauthorize the Maryland Heritage Structure Rehabilitation Tax Credit program, which sunsets in 2010.  The National Trust is mobilizing its grassroots membership in the state with an alert asking them to contact their legislators and make the following points about the benefits of Maryland rehab tax credit to the state’s economy:

  • Creates Jobs When We Need Them the Most.  A recent Bell Foundation report shows that over the past 12 years, completed commercial rehabs employed about 15,120 persons with construction labor alone totaling about 9,248 persons.  We need that in Maryland today.
  • Generates Tax Revenue Immediately. The Bell Foundation also found that the 407 rehab projects paid down more than one-third of the state’s total investment during the construction periods alone, but “the greatest return … comes from the long-term increase in employment and property taxes…”
  • Leverages Federal Investment in Our Older Neighborhoods. The Maryland Historical Trust estimates that $172.2 million in federal tax credits – almost a one-to-one match – have been invested in Maryland’s historic buildings.

Maryland is one of several states that are seeing their state rehab tax credit being targeted for cutbacks or elimination due to state budget deficits.

Reprinted by permission of the Public Policy Department of the National Trust


Keywords: Maryland Heritage Structure Rehabilitation Tax Credit program, Maryland state legislature, National Trust for Historic Preservation

Posted: April 9, 2009
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