CROWNSVILLE,
MD - Owners of historic commercial properties take note: Now is the time to
submit an application for a state income tax credit for renovating your
historic structures in Maryland.
Fiscal
year 2016 applications opened this week for the Sustainable Communities Competitive Commercial Tax Credit
program, administered by the Maryland Historical Trust. Commercial
property owners may receive a tax credit of up to 20 percent of eligible
expenses to a total of $3 million for substantial rehabilitation
projects.An additional 5 percent credit is available for projects that
achieve LEED Gold Certification or equivalent. Applications are rated and
ranked by the Maryland Historical Trust and compete for a total of $9
million in tax credit awards.
The
state tax credit program has helped property owners throughout Maryland
redevelop and reuse historic buildings since 1996. The tax credit preserves
some of Maryland's most unique historic structures as well as creates
spin-off community benefits. The program has been credited with creating
jobs, enhancing values of nearby properties and transforming neglected
neighborhoods. Studies have shown that every dollar of historic tax credit
generates more than $8 in economic activity and each $1 million invested by
the state program generates 72 jobs.
Reusing
historic structures is another way that we can support communities,
preserve historic resources and enrich lives. For more information, go to
the Maryland Historical Trust's tax credit page.
|
No comments:
Post a Comment