Maryland Gov. Larry Hogan’s fiscal year 2023 budget proposal includes $12 million in funding for the state historic tax credit (HTC) incentive, an increase from $9 million in recent years. Hogan’s budget includes that amount for the state HTC, due to the passage last year of S.B. 885, which required at least $12 million in annual HTC funding. While legislation creating the state HTC in Maryland imposed no annual cap, funding for the state HTC had been $9 million for several years.

The Novogradac Introduction to Historic Tax Credit booklet explains the basics of the HTC incentive, including how federal and state HTCs interact.