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Maine Preservation

Historic Tax Credits

Friday, November 4th, 2011 at 6:04 pm

Since its passage in 2008, the Maine Historic Preservation Tax Credit has been a catalyst for 47 privately developed historic building rehabilitation projects, investing more than a quarter billion dollars ($273 million!) in projects completed or under construction. This program is administered by the Maine Historic Preservation Commission, with projects located all over the state. They reuse our existing infrastructure – roads, water, sewer and utilities and the vast majority are in or near downtowns. Buildings that have previously been “eyesores” are now clearly community assets.

In an Economic Impact Report commissioned by Maine Preservation earlier this year, Frank O’Hara, author for Planning Decisions, wrote: “When a historic building is fixed in a neighborhood, it stimulates investment and enterprise from neighboring property owners, creating new jobs and more revenue to local government. A rehabilitated historic building on Main Street brings customers to other downtown businesses, and improves the image and ‘brand’ of the community.” For these and other reasons, the 2011 legislature extended the historic tax credit for 10 years with unanimous bipartisan support.

Read the Economic Impact Report.

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