Maryland’s Historic Revitalization Tax Credit remains one of the state’s most effective tools for community revitalization.
Preservation Maryland has been a steadfast advocate for increased funding, championing its essential role in fostering sustainable, equitable, and lasting economic growth. In 2022, with the support of key legislators and dedicated partners, we successfully secured an additional $10 million for the program. While funding levels have since been largely maintained, they have not increased—leaving Maryland falling further behind neighboring states each year in its commitment to historic preservation and economic development.
As Maryland now confronts a significant $3.3 billion budget deficit, Governor Moore has proposed a series of spending reductions, including a $3.5 million cut to the Historic Revitalization Tax Credit. While we recognize the fiscal challenges facing the state and understand that many programs are experiencing similar cuts, we are disappointed by the lack of investment in a program with a well-documented multi-billion-dollar return on investment for Maryland’s economy.
What’s Next
Though this legislative session’s outcome is set, our work is far from over. We remain engaged with legislators and stakeholders to underscore the program’s economic impact, and our educational programming will continue to build awareness and support for Maryland’s preservation tools.
We urge our members to stay connected, share success stories, and advocate for the long-term economic and cultural value of historic preservation. Now more than ever, we must make the case that investing in Maryland’s history is investing in Maryland’s future.