[Chat] Fw: Help Save Maryland's Historic Rehabilitation Tax Credit
pachner at worldnet.att.net
Wed Feb 18 07:02:50 SGT 2004
----- Original Message -----
From: hopkins at baltimoreheritage.org
To: hopkins at baltimoreheritage.org
Sent: Tuesday, February 17, 2004 10:10 AM
Subject: Help Save Maryland's Historic Rehabilitation Tax Credit Program
Maryland's Rehabilitation Tax Credit Program is slated to end on June 1, 2004 unless legislation is passed to continue it. This is the State program that provides a 20% tax credit on historic rehabilitation projects for home-owners and owners of income-producing property. We are contacting you to ask for your help in saving the program, and have your email address from your registration at one of Baltimore Heritage's Tax Credit Workshops this past fall.
Please consider contacting your elected officials to let them know that you support two companion bills that have been introduced to extend the life of the tax credit program (Senate Bill 190 and House Bill 289). The remainder of this email summarizes bills that have been introduced and provides contact information for officials who sit on committees where the bills are assigned.
Thank you for your help!
11 ½ W. Chase St.
Baltimore, MD 21201
hopkins at baltimoreheritage.org
Summary of SB190 and HB289
Following the recommendation of a task force chaired by Comptroller William Donald Schaefer, Governor Ehrlich introduced legislation (SB 190 & HB 289) that extends Maryland's most effective tool for historic preservation and community revitalization.
Click below to view the proposed bills:
http://mlis.state.md.us/2004rs/billfile/SB0190.htm (SB 190)
http://mlis.state.md.us/2004rs/billfile/hb0289.htm (HB 289)
Summary of SB190 and HB289:
* Extends the sunset date for the program to January 1, 2010.
* Creates an annual tax credit cap of $30 million for commercial projects.
* Continues the per-project tax credit cap of $3 million for commercial projects.
* Creates a per-project tax credit cap of $50 thousand for owner-occupied residential projects.
Counter Productive Competing Legislation
Unfortunately, competing legislation (SB246 & HB 679) has been filed By Senator Currie and Delegate Hixson that would transform the existing program from a tax credit to a grant program. The amount of funding for the program is undefined in the bill and is required to be submitted in the Governor's budget and passed by the General Assembly on an annual basis. Converting the Heritage Tax Credit to a grant program would further undermine its predictability, add bureaucratic layers, and eliminate the market driven nature of a tax credit.
Click below to view SB246 and HB679
http://mlis.state.md.us/2004rs/billfile/SB0246.htm (SB 246)
http://mlis.state.md.us/2004rs/billfile/hb0679.htm (HB 679)
Please contact members of the Senate Budget & Taxation and House Ways & Means Committees to ask them to support SB190 & HB289 and continue the Heritage Tax Credit Program. Ask them to oppose ruining such a successful program by attempting to convert it to a grant. (See attached talking points prepared by Preservation Maryland).
Baltimore Officials on these committees are:
Delegate Clarence Davis: clarence_davis at house.state.md.us
Delegate Marshall Goodwin: marshall_goodwin at house.state.md.us
Delegate Salima Marriott: salima_marriott at house.state.md.us
Senator Verna Jones: verna_jones at senate.state.md.us
Senator Nathaniel McFadden: nathaniel_mcfadden at senate.state.md.us
If you can, cite specific projects in their districts that have resulted from the tax credit or that are threatened by its elimination. Even if your representatives do not serve on these Committees, please contact them on this issue. If you are unsure who your representatives are, you can find them on the Maryland General Assembly website.
Senate Budget and Taxation Committee Members
House Ways and Means Committee Members
Who Are Your Elected Officials in Maryland?
Hearing Scheduled for February 19
The hearing for both of the House bills (HB289 & 679) has been scheduled by the Ways & Means Committee for Thursday Feb. 19 at 1:00 p.m. A hearing for the Senate bill has yet to be scheduled. Please plan to attend the hearings to show your support for continuation of the Rehabilitation Tax Credit program. If you would like to testify, remember to sign up one hour before the hearing and to submit 30 copies of you testimony to members of the committee.
Thursday, February 19 @ 1:00 p.m.
House Ways & Means Committee
Lowe House Office Building, Room 100
84 College Avenue, Annapolis
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