Housing (Historic Preservation)

LD 1755 increases Maine's historic property rehabilitation tax credit to 35% for projects in rural areas that include housing. It defines "rural area" as municipalities with fewer than 17,500 residents (per U.S. Census) and requires at least 33% of the building to be used for housing (like apartments or homes) to qualify. The credit applies retroactively to tax years beginning January 1, 2024, directly affecting property owners and developers renovating historic buildings in eligible rural communities. This change aims to incentivize housing-focused rehabilitation in smaller towns by expanding financial support for qualifying projects.