Maryland homeowners can receive a 20% state income tax credit for qualified repairs to historic properties. This Maryland Historical Trust (MHT) program aims to make preservation more affordable for properties within designated historic districts.
Financial Details
Credit Amount: 20% of eligible expenses
Project Value: You must spend at least $5,000 on eligible expenses within a 24-month period
Maximum Credit: The credit is capped at $50,000 per 24-month period
Use: If the value of the credit exceeds your tax liability, the excess is refunded to the homeowner.
Eligibility & Requirements
Property: Must be a "contributing building" in a historic district.
Mandatory Pre-Approval: All work must be approved by MHT before starting (30–45 day review period).
Common Eligible Repairs: Roof replacement, window/door repair, exterior repainting, HVAC, electrical, masonry, structural/foundation work, and more.
How to Apply: Homeowners must submit an application with the Maryland Historical Trust, outlining the planned work and demonstrating how it will maintain the historic character of the property.
Benefits of the Tax Credit:
Save on Repairs and Maintenance: The tax credit helps reduce the cost of essential repairs and upgrades while preserving the unique character of your home.
Preserve Property Value: Properly maintaining your historic home can help preserve its value and keep it in excellent condition for years to come.
Financial Incentives for Preservation: The program can reduce the financial burden of maintaining and rehabilitating historic properties.
Additional Resources
For more information about the Maryland Historic Revitalization Tax Credit, eligibility, and the application process, follow the link below.