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Small Commercial Historic Tax Credit Program Must Stay Active
Historic Preservation Blog from PreservationDirectory.com -
Contributed By: Preservation Maryland
Email The Author: info@presmd.org
Website: https://preservationmaryland.salsalabs.org/smallcommercialhtcfebruary2021/index.html?ct=t(EMAIL_PM_ADV_SM_COMM_HTC_FEB_2021)&mc_cid=9f65247464&mc_eid=5cd215eaf4

From Preservation Maryland:

Maryland’s Small Commercial Historic Tax Credit program has run out of money and requires immediate funding.

Due to demand and use, the Small Commercial Historic Tax Credit Program funding has been exhausted, and the Maryland Historical Trust can no longer award credits to small commercial projects until the authorization is increased.

This week, the 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.

New legislation sponsored by Senator Guy Guzzone and Delegate Stephanie Smith, SB659/HB865 respectively, will increase the authorization for the Small Commercial Historic Tax Credit Program by an additional $1 million. While this amount does not come close to addressing the present need for ready-to-go projects across the state, it will help keep the program active.

Join Preservation Maryland in urging our state lawmakers to increase the authorized funding for this essential community revitalization tool. Tell them how critical the program is to encourage private investment in our historic communities.


Posted: February 19, 2021
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