Maine’s Historic Preservation Tax Credit

The old mill buildings along Saco Falls in Biddeford are now filled with Maine families enjoying solar-powered hot water, a playground and bike and kayak storage.  The historic windows and brick façade of the Baxter Library on Congress Street in Portland are now restored to their 1800’s glamour.  In Bangor, the 1830 Maine Hall historic dormitory is being revitalized into housing for Seniors.  None of these projects would have been possible were it not for Maine’s Historic Preservation Tax Credit.

As many of you know, GrowSmart Maine played a leading role in working with the Legislature in 2008 to significantly expand the state's historic preservation tax credit and again in 2011 to extend the sunset to 2023. As of 2011, the expanded and improved tax credit has resulted in 22 projects investing more than $125 million in 14 communities in 7 counties including completed projects, projects under construction and the Hathaway Mill in Waterville which used a similar state historic credit under a special law.  It is estimated that the projects made possible by this credit have created almost 700 construction jobs and over 200 long term jobs.

 

Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2012 – Rutgers University/NPS

The Economic and Fiscal Impact on Maine of Continuing the State Historic Preservation Tax Credit – Planning Decisions

Information on the proposed $5MM cap on the State Historic Preservation Tax Credit – 12.6.13