New study: commercial historic rehab tax credits generated $1.9 billion economic impact

Commercial projects that have received $217 million in historic rehabilitation state tax credits since 1997 generated $1.9 billion in economic activity and created more than 20,000 jobs, according to a report released this month by the University of Maryland and the State Department of Housing and Community Development.

Commercial projects using the tax credit also generated $28 million in state income tax revenue, $9.7 million in state retail tax, $18.1 million in local personal income tax, and $22 million in real property taxes.

“This report illustrates in detail, the historic tax credit program’s tremendous value as an economic development tool,” said GBC President Donald C. Fry. Expanding the state’s historic tax credit program and its allowed use for Baltimore City revitalization projects is among the GBC’s top legislative priorities in 2006.

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