January 11, 2010 — Governor Martin O'Malley announced last Friday that he will seek to implement a program to make $50 million in tax credits available over three years for commercial and residential rehabilitation of historic buildings.
The governor's proposed new initiative is part of a multi-faceted Sustainable Communities Program that, along with other elements, will replace and improve on the 14-year-old Heritage Structure Rehabilitation Tax Credit. The historic district tax credit expires this June. The governor's proposal would breathe welcomed new life into a proven effective tax credit program that legislative restrictions have curtailed over the years.
This new proposal merits strong, vocal backing from the business community. Since 1996, the more than $347 million in historic rehab tax credits have generated $8.50 in wages, jobs, and government revenues for each $1.00 of tax credits awarded. And, the tax credits have generated $1.6 billion in private investment — much of which wouldn't have been made without the tax credit.
The view the governor's news release on this initiative, click here.
— Donald C. Fry, GBC President and CEO
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