The second common credit is The Heritage Preservation Tax Credit Program which is offered by the Maryland Historical Trust. This credit offers the homeowner Maryland income tax credits equal to 20% of the qualified costs of the rehab of a qualified â€œcertified heritage structure.â€ This credit will also only be available in certain areas. The homeowner must invest at least $5,000 within a 24 month period. The total credit for an individual property is capped at $50,000 for a single property. The credit received is offset by any tax liabilities for the year the credit is submitted. i.e. - If you owe $5,000 to the state and your credit is worth $40,000, the state will send you a check back for $35,000. Hope this helps. Now the challenge is finding a property. Good luck
To find out whether a property is eligible for tax credits: Baltimore Coty's IMAP Program
baltimore Commission for Historical & Architectural Preservation 410.396.4866
City Tax Credit Questions: Baltimore Commission For Historical and Architectural Preservation
State Tax Credit Questions: Maryland Historical Trust
Federal Tax Credit Questions: Federal Park Service - Heritage Preservation Services
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