| Incentive
Program |
Income
Property |
Summary
of Benefit |
Required
Minimum Expenditure |
Review
and Approval Entity |
Carry
Over Provisions |
Transferability |
| Montgomery
County Property Tax Credit Program |
Both |
Provides
a Property Tax refund equal to 10% of approved expenditures |
$1000
if ordinary maintenance |
Rockville
Historic District Commission
240-314-8230 |
Can
be carried forward 5 years |
Not
transferable to a new purchaser |
| Maryland
State Income Tax Credit Program |
Both |
Provides
a state income tax credit equal to 20% of rehab expenditures |
Residential
Property-Rehab cost must exceed $5000
Income property-Rehab cost must exceed the adjusted basis |
Maryland
Historical Trust, Department of Housing and Community Development
410-514-7629 |
Unused
credits are refunded by check |
Excess
tax credit is refunded to owner in the year claimed. |
| Federal
Income Tax Credit Program |
Income
property only – includes rental residential or residential
used for home office or home occupation |
Provides
a federal income tax credit equal to 20% of rehab expenditures |
Rehab
cost must exceed the greater of $5000 or the adjusted basis |
Maryland
Historical Trust, Department of Housing and Community Development
410-514-7629 |
Unused
credits may be applied up to 3 years back and 15 years forward |
The
credit is transferable to a new purchaser only if the transfer
takes place prior to the property being placed into service |
