- Tax Credit
- Statewide
Summary
The Maryland State Historic Preservation Tax Credit Program provides tax credits for expenses incurred during the rehabilitation of certified historic structures. The credit is capped at $50,000 in a 24-month period and must have a minimum of $5,000 of eligible expenses to qualify. The program is currently capped at $4 million worth of tax credits available per year. The program has been documented to generate a high return-on-investment, with the credit generating $8.53 in economic activity for every $1 in tax credits.. The program also includes a Small Commercial Revitalization Tax Credit, which establishes a new Trust Account for Small Commercial projects and receives an appropriation of $2,000,000 annually for each of the fiscal years 2024-2031. The Small Commercial program will officially reopen on July 1, 2023. Maryland HTCs are currently not freely transferrable and any unused Maryland tax credits are refundable but have no carry-forward provision.
Eligibility Requirements
- The property must be a certified historic structure or located within a certified historic district.
The property must be used for a commercial or residential purpose. - The rehabilitation work must meet the Secretary of the Interior's Standards for Rehabilitation.
- The total cost of the rehabilitation work must be at least $50,000.
- The applicant(s) must must receive approval from the Maryland Historical Trust prior to starting the rehabilitation work.
- The applicant(s) must agree to maintain the property for at least five years following the completion of the rehabilitation work.
- If the property meets these requirements, the property owner may be eligible for a state tax credit equal to 20% of the qualified rehabilitation expenditures, up to a maximum of $3 million per project.
Contact Information
Maryland Historical Trust
100 Community Place, 3rd Floor
Crownsville, MD 21032-2023
Phone: 410-697-9591