Maryland Sustainable Communities Tax Credit Program
If you own a certified historic property in Maryland, you may have the opportunity to earn a state income tax credit on qualified rehabilitation expenditures. Whether you are planning to rehabilitate your primary or secondary residence or a commercial property, there are state incentives that may help. Select a project type for more information.
MHT is now accepting applications for the new Small Commercial Tax Credit for projects starting after January 1, 2015. See the Small Commercial page for details.
Maryland Legislature Approves Reauthorization and Expansion of Sustainable Communities Tax Credit and establishes Small Commercial Program
On April 7, 2014 the Maryland General Assembly reauthorized the Sustainable Communities Tax Credit for three years and expanded the program to include a small commercial tax credit. The small commercial category will help fund modest rehabilitation projects that have historically struggled to compete for the large-scale commercial awards. Small commercial projects must meet eligibility requirements and be located in a designated Sustainable Community. MHT will certify applications starting January 1, 2015.
Takoma Park Historic Preservation Tax Credit Workshop
Staff from the Maryland Historical Trust are working to inform Marylanders, particularly small business owners, about the expansion of the tax credit to include small commercial projects and how to apply. County-level tax credits also are available. Join state and county historic preservation staff as they explain how you can receive credits for your rehabilitation projects at a workshop hosted by Historic Takoma. Owners of residential properties also will gain valuable information about how to apply for tax credits.
Join us 7-9 p.m. Tuesday, November 18 at Historic Takoma, 7328 Carroll Ave, Takoma Park.
For the past 17 years the program has played a key role in community revitalization by supporting the rehabilitation and reuse of underutilized historic properties across the state. The program is credited with rehabilitating about 4,400 historic buildings and creating some 25,000 jobs since its implementation in 1996. The state’s investment of about $350 million has reached into all of Maryland’s 23 counties and the city of Baltimore. The Abell Foundation has estimated that about 73 jobs are created for each $1 million in tax credits and every dollar invested generates $8.53 in economic activity.
Learn more about past projects in our 2014 program brochure.
For general information about the Rehabilitation Tax Credit Program or to check the status of your project, contact Bonnie Baden, (410) 514-7628.