MARYLAND AWARDS FIRST SUSTAINABLE COMMUNITIES TAX CREDITS
Maryland Gov. Martin O’Malley today announced 10 recipients of more than $11 million in Sustainable Communities Tax Credits to spur community revitalization and create an estimated 740 construction jobs. The state received 36 applications requesting a total of $40 million in credits for the $10 million program’s initial allocation round. This year’s funding also includes $1.8 million carried over from 2010. Under the Sustainable Communities Tax Credit, enacted last year to succeed the Heritage Rehabilitation Tax Credit, historic structures are eligible for a credit of as much as 25 percent of qualified rehabilitation expenses and non-historic buildings can receive a credit of as much as 10 percent of qualified rehabilitation expenses if they are certified sustainable under a rating system such as LEED.
The governor’s office reports that the two tax credit programs have invested more than $358 million in revitalization projects and supported 15,000 jobs in the past 15 years. O’Malley’s fiscal year 2012 budget proposal maintains funding for the Sustainable Communities Tax Credit at $10 million.