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MARYLAND GOV. SIGNS BILL TO EXPAND HISTORIC TAX CREDIT

Thursday, May 20, 2010 - 8:00AM

Gov. Martin O’Malley signed H.B. 475, the Sustainable Communities Act of 2010, into law today, reauthorizing through 2014 the credit formerly known as the Heritage Structure Rehabilitation Tax Credit. The new law authorizes $10 million in tax credits for fiscal year 2011 and expands the credit’s scope to include rehabilitation projects with sustainable building practices. Ten percent of the funds are reserved for historic structures. The governor’s office reports that the Heritage Tax Credit program, which would have expired in June, has created more than 15,000 jobs and generated approximately $1.74 billion for the state.

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