Bill > LD146

This bill increases the maximum amount of the Historic Property Rehabilitation Tax Credit that can be claimed in a year. Currently, the credit is limited to $5 million for the portion of a certified rehabilitation placed in service and $5 million per building. Starting January 1, 2025, the bill introduces a tiered structure for claiming the credit: in the first year, the maximum credit increases to $10 million for both the rehabilitation portion and per building; in the second year, the maximum remains $10 million but is reduced by the amount claimed in the first year; and from the third year onward, the maximum returns to $5 million per rehabilitation portion and per building. The bill refers to specific sections of the Internal Revenue Code (Section 47(c)(2)(C)) that define certified rehabilitations, and it applies to tax credits for rehabilitating historic properties in the state of Maine. This change is designed to provide more flexibility and potentially higher initial tax credits for developers working on historic property restoration projects.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=146&snum=132