AGENCY INFORMATION

• About Us
• National Register of Historic Places
• Project Review
• Tax Incentives
• Grants
• Restoration Resources
• Archaeology
• Architectural Survey
• Certified Local Government (CLG) Program
• Preservation Planning
• Laws & Regulations
• Historic Preservation Easements
• Office of the State Historian

State Rehabilitation Tax Credit Update

03/31/2008

In his supplemental budget that was signed into law on March 31, 2008, Governor Baldacci incorporated the provisions of LD 262, An Act to Amend the Credit for Rehabilitation of Historic Properties. This bill fundamentally changes the existing state tax credit. Among the changes is the creation of a small projects provision for taxpayers who do not claim the federal tax credit but who could claim the state credit, and the inclusion of an added incentive for the creation of affordable housing. The law will go into effect on July 1, 2008, although the tax credit is allowable for certified qualified rehabilitation expenditures incurred after January 1, 2008. The full text of the amendments can be found in Part WW of the supplemental budget that is available at: http://janus.state.me.us/legis/LawMakerWeb/externalsiteframe.asp?ID=280028565&LD=2289&Type=1&SessionID=7

The Maine Historic Preservation Commission will administer the program in consultation with the Department of Administrative and Financial Services, Bureau of Revenue Services. The Commission is engaged in the process of drafting rules and application procedures for the program. Please check the website for updates on the rulemaking process.

If you have any questions, please contact Kirk Mohney at (207) 287-3811 or Mike Johnson at (207) 287-2949.