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June 24, 2011

Panel OKs extending preservation tax credits

By The Mainebiz News Staff

The state's appropriations committee has approved extending the Historic Preservation Tax Credit by 10 years, which supporters say will help create jobs and economic growth in the state.

The committee voted to extend the expiration date of the tax credit from 2013 to 2023, a measure that still needs further House and Senate approval, according to a press release from Maine Preservation, an organization that promotes revitalization of historic buildings and areas. Enacted in 2008, the historic tax credit program offers a 25% state credit for an historic structure rehabilitation project that qualifies for a 20% federal credit, and a 25% credit for projects between $50,000 and $250,000 that do not qualify for federal incentives. The program also boosts those credits to 30% if the project creates a certain amount of affordable housing.

According to Maine Preservation, since 2008, 26 commercial projects investing more than $138 million have been initiated or completed using the state tax credit program. Those projects created 2,700 jobs in Maine and added 352 housing units, 261 of which are elderly or affordable units, according to a study by the nonprofit. Property tax valuations for the 10 projects that have received final certification from the Maine Historic Preservation Commission have risen from a combined $3.6 million to $36.4 million, the nonprofit reports.

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