Maine Bill Would Increase HTC Percentage for Affordable Housing, Properties not Using Federal HTC

Wednesday, May 3, 2023 - 1:45PM

A bill introduced in the Maine Legislature would boost the state historic tax credit (HTC) percentage for certain properties and add a credit for weatherization of historic properties. L.D. 1810 would increase the state HTC percentage when used for affordable housing from the current 30% to 35% and would provide a boost to 45% if the federal HTC is not used. The legislation would also increase the regular credit from 25% to 30% if the property does not receive a federal HTC and would increase the project cap from $250,000 to $1 million under that scenario. The legislation would add a 25% credit for the rehabilitation and weatherization of historic homes for a taxpayer who incur at least $5,000 in expenditures.

The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and delves into the intricacies of the incentive.

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