Historic Revitalization Tax Credit - Alterations

SB 946 updates Maryland's Historic Revitalization Tax Credit program by removing a rule that previously blocked tax credits for rehabilitation costs already funded by state or local governments. It expands eligibility by allowing credits for projects in designated areas with strong economic development potential and revises how "substantial rehabilitation" is defined to give more time for spending. The bill affects business entities (including nonprofits and condo/co-op projects) rehabilitating certified historic structures by treating each structure as a separate credit-eligible project and creating a reserve fund for supplemental credits. These changes aim to make the tax credit more accessible for commercial historic preservation efforts while streamlining application processing.