USEFUL INFO
The Maryland General Assembly recently passed legislation to modify the Heritage Structure Rehabilitation Tax Credit. Due to budget constraints, the State has placed limits on the total amount of credits they will fund each year.
The Maryland State Heritage Structure Rehabilitation Tax Credit will provide 20% of the cost of restoration of an eligible historic building. Coupled with the Federal Historic Tax Credit of 20%, this means up to 40% of a restoration project can be financed through tax credits.
If you are considering developing new facilities for your organization, the adaptive re-use of an existing historic structure can be financially very attractive considering the tax credits available.
We have assisted numerous clients with architectural services and tax credit applications on several large scale projects where the tax credits ranged from $200,000 to $3,000,000 and more. We'd be more than happy to discuss the opportunities for developing historic structures to satisfy your organization's needs using tax credits to finance a portion of the overall construction costs.
More information is available at the Maryland Historical Trust Web site.