Taylor's Furniture Store in Ellicott City, slated to become a restaurant and offices, is among nine projects that received 2015 tax credits.
On December 10, 2014, state officials and the Maryland Historical Trust (MHT) announced the recipients of the 2015 Sustainable Communities Tax Credit. Ten million dollars in state tax credits will fund nine historic restoration projects in Maryland and bring positive change to communities from Cumberland to Cambridge. Among the projects: converting an industrial building to a food distribution warehouse and transforming a mansion built by Charles Carroll, the longest-lived signer of the Declaration of Independence, for his granddaughter into a museum.
The awards were announced in the Old Post Office in Ellicott City, the site of a tax credit project. Ellicott City’s old buildings, including a nationally designated historic train station, became a national historic district in 1978. Main Street today represents the quintessential American small town that has retained its independently owned businesses in the face of the trend toward chain stores and suburban strip malls.
The Sustainable Communities Tax Credit program, administered by the Maryland Historical Trust, has invested close to $360 million since it began in 1996. The investments have helped restore more than 3,995 residential and 616 commercial historic structures, preserving buildings with a sense of place that contribute to the uniqueness and charm of Maryland towns and cities. Using figures from the Abell Foundation, MHT estimates that the program has helped create more than 26,000 jobs through construction and new uses of these structures. In 2015, MHT estimates that the tax credit will create 894 jobs.
The program, administered by MHT, has invested close to $360 million since it began in 1996. The investments have helped restore more than 3,995 residential and 616 commercial historic structures, preserving buildings with a sense of place that contribute to the uniqueness and charm of Maryland towns and cities. A 2009 report from the Abell Foundation, estimated that the program has helped create more than 26,000 jobs through construction and new uses of rehabilitated structures.
Reauthorization of the tax credit is a sound investment in Maryland’s future.
The tax credit more than pays for itself. The Abell report found that every dollar of rehabilitation tax credits generates $8.53 in economic activity.
The tax credit creates employment opportunities. The report calculated that each $1 million in credits generates 72.5 jobs.
The tax credit is good for the environment. Recycling historic buildings takes advantage of existing infrastructure, conserves energy, saves undeveloped land and directs less waste to landfills.