Work Session: Tax Credits Could Provide New Opportunities for Rehab of Historic Mills

April 18, 2007

AUGUSTA—The Taxation Committee, Thursday, will hold a work session to consider a bill, sponsored by Senate Majority Leader Libby Mitchell, D-Kennebec County, that would provide a refundable tax credit for the revitalization efforts of a former mill facility that is a national historic landmark or is determined to be a historic landmark by the State Historic Preservation Officer.

During an earlier public hearing, Senator Mitchell described how the days of textile and manufacturing mills as the economic engines in our state are long gone. Now these same buildings hold new economic opportunities. There is great interest nationally in rehabilitating these beautiful old historic buildings. Missouri, North Carolina, and Rhode Island are just three states who have enacted historic tax credits to encourage rehabilitation of these facilities. This bill seeks to augment the federal historic tax credit to help other similar buildings in Maine provide the same new economic opportunities for their communities.

Senator Mitchell points out that here in Maine we have some shining examples. The Bates Mill in downtown Lewiston, was once an employer of thousands of people as a mill, but has been making the successful transformation to new economy jobs such as the back room offices for T.D. Banknorth and others.

Most of the buildings targeted by Senator Mitchell’s bill are in Maine’s downtowns, or on riverfronts. Rehab efforts of these buildings would provide unique opportunities to enhance our downtowns while providing housing and mixed use.

Who: Senator Libby Mitchell

What: Work Session: LD 1356, An Act To Provide a Tax Credit for Revitalization of Historic Mill Facilities

When: Thursday, April 19th @ 1:00 PM

Where: Taxation Committee, Room 127, State House

More info about the bill available online at: http://janus.state.me.us/legis/LawMakerWeb/summary.asp?ID=280024103

Listen to the hearing online at: http://janus.state.me.us/legis/audio/taxation_cmte.html