The 20% Maryland State Historic Preservation Tax Credit program administered through the Maryland Historic Trust (MHT) was rescued from termination with some changes on the last day of the 2004 Maryland General Assembly.  It has been extended to 2008.   The program allows historic property owners to apply 20% of the cost of eligible interior and exterior renovations toward their Maryland Income Tax.  The changes will have little effect on most historic Rockville homes, but may affect income-producing and non-profit claims.

The residential tax credits must now have an application approved BEFORE beginning the work by the Maryland Historical Trust to be eligible.  Formerly, citizens doing ordinary maintenance such as exterior painting or roofing could file at the project conclusion. You must file in advance to be eligible.  Each project is capped at $50,000 of credits/refunds.

Commercial, income producing, and non-profit Maryland tax credits are still available but with financial limitations and new geographic and other criteria for selection.  The application must be approved before the work is begun.  Ten percent of the commercial funds are set aside for non-profit organizations, which receive a reimbursement by check.

The 10% Montgomery County property tax refund for exterior rehabilitation is still in effect. 

For more information and a personal e-mail question form, contact the Maryland Historical Trust website and look under “Tax Credits” at http://www.marylandhistoricaltrust.net/

Contact City Staff at 240-314-8230 for assistance.