Maryland’s Small Commercial Historic Tax Credit program has run out of money and requires immediate funding. This week, Senate and House committees will hold hearings for HB865/SB659 that would extend the life of this vital program by increasing the authorized funding amount by $1 million.

Due to demand and use, the Small Commercial Historic Tax Credit Program funding has been exhausted, and the Maryland Historical Trust can no longer award credits to small commercial projects until the authorization is increased.

New legislation sponsored by Senator Guy Guzzone and Delegate Stephanie Smith, SB659 and HB865 respectively, will increase the authorization for the Small Commercial Historic Tax Credit Program by an additional $1 million. While this amount does not come close to addressing the present need for ready-to-go projects across the state, it will help keep the program active.

Since 2015, the Small Commercial Historic Tax Credit program has provided essential assistance to small businesses and developers who are looking to rehabilitate small, Main-Street type historic structures. Additionally, during the 2019 legislation session, Preservation Maryland and our advocacy partners successfully eliminated a provision in the program that required a percentage of the rehabilitated structure to be dedicated to commercial use. The program can now be used for the rehabilitation and creation of income-producing residential units to sell to homeowners, including rowhouses.

This proven program has been the backbone for many Main Street projects across the state and now has the potential to be used to transform vacant houses into vibrant historic homes for many for whom homeownership had long been out of reach. But, without more funding for the program, the future of these revitalization projects is uncertain.

Join Preservation Maryland in urging our state lawmakers to increase the authorized funding for this essential community revitalization tool. Tell them how critical the program is to encourage private investment in our historic communities.

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Small Commercial Historic Tax Credit Information (PDF)

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