May 14, 2008 at 12:00 am
Maine Real Estate & Development Association (MEREDA) Hosts Breakfast Seminar, titled “The Maine Historic Rehabilitation Tax Credit: A Re-Invigorated Tool” on June 24, 2008.
Sponsored by: Norway Savings Bank & Drummond Woodsum & MacMahon
In 2006, The Brookings Report, “Charting Maine’s Future”, recommended that “Maine should…enhance the state’s underutilized state historic preservation tax credit to make it a better tool for encouraging reinvestment and rehab in traditional towns and downtowns.”
The Maine Legislature responded this year by significantly expanding the credit to provide a Maine state credit equal to 25 percent of qualified rehabilitation expenditures. Projects that involve a substantial affordable housing component receive a credit at a 30 percent rate. The Federal credit adds an additional 20 percent of qualified rehabilitation expenditures. The combined credits provide a powerful financial resource for the preservation of Maine’s historic buildings and for downtown redevelopment.
Our panel (Amy Cole Ives, founder of Sutherland Conservation & Consulting in Hallowell, and John Kaminski and Gary Vogel, both attorneys at Drummond Woodsum & MacMahon in Portland) will discuss the legislative process to enact the expanded credit, the requirements and potential uses of the credit as a tool for historic preservation and development, the linkage of the increased credit to affordable housing and the impact that the credit is expected to have on historic preservation in Maine.
Categories: Press Release