Governor Martin O’Malley announced Jan. 8 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,” Donald C. Fry, president and CEO of the Greater Baltimore Committee, said in his weekly State House Update. “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,” Fry said. “And, the tax credits have generated $1.6 billion in private investment — much of which wouldn’t have been made without the tax credit.”