This bill amends the tax credit for historic properties by:
1. Increasing the tax credit from 25% to 30% of the certified qualified rehabilitation expenditures of a taxpayer for a certified historic structure if the taxpayer does not claim a credit under the United States Internal Revenue Code of 1986, Section 47;
2. Increasing the allowable certified qualified rehabilitation expenditures of a taxpayer from a maximum of $250,000 to a maximum of $1,000,000 for a certified historic structure if the taxpayer does not claim a credit under the Code, Section 47;
3. Increasing the increased tax credit for a certified affordable housing project from
30% to 35% of certified qualified rehabilitation expenditures for which a credit is claimed under the Code, Section 47; and
4. Increasing the increased tax credit for a certified affordable housing project from
30% to 45% of certified qualified rehabilitation expenditures if the taxpayer does not claim a credit under the Code, Section 47. The bill establishes a credit for rehabilitation and weatherization of historic homes equal to 25% of the qualified exterior rehabilitation expenditures of a taxpayer who incurs at least $5,000 in expenditures for a certified historic home. It also provides for an increased credit of 30% of expenditures up to $75,000 under certain circumstances. It requires the Director of the Maine Historic Preservation Commission to determine whether a taxpayer meets the requirements to receive the credit. The bill adds the credit for rehabilitation and weatherization of historic homes to the biennial report that the Maine Historic Preservation Commission provides to the Legislature.

Statutes affected:
Bill Text LD 1810, HP 1155: 27.511, 36.5219