Governor to Propose Changes to Maryland’s Historic Tax Credit
By Caitlin Jones & A. J. Johnson
1 min read
Tax Credit Advisor, March 2009: In his proposed FY 2010 state budget, Maryland Gov. Martin O’Malley (D) said he plans to submit legislation to revise and enhance the state’s Heritage Tax Credit Program, which provides a state income tax credit equal to 20% of the qualified costs of rehabilitation for historic income-producing properties and owner-occupied homes.
The proposed legislation would return the tax credit program to its pre-2004 status as a conventional tax credit. Tax credits would no longer be budgeted, but instead reduce state tax revenues in future years when credits are claimed. The legislation will also authorize a capped amount of funding for a multi-year period, and provide for tax credits to be awarded on a first-come, first-served basis. The proposal will also provide a bonus of 5% in additional tax credits for buildings that receive LEED Gold certification under the U.S. Green Building Council’s green building rating system.
