Legislation Details

Reference No. CB-048-2017    Draft No.
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 10/24/2017
Introduced Date 9/26/2017 Public Hearing Date 10/24/2017 @ 10:00 AM
Effective date: 12/19/2017    
Title: AN ACT CONCERNING FINANCE AND TAXATION - TAX CREDITS FOR IMPROVEMENTS TO HISTORIC RESOURCES for the purpose of amending certain requirements for tax credits on County real property taxes for improvements to historic resources in Prince George's County.
Proposers/Sponsors: Deni L. Taveras, Derrick Leon Davis, Mel Franklin, Dannielle M. Glaros, Andrea C. Harrison, Mary A. Lehman, Obie Patterson, Todd M. Turner
Code sections: 10-235.01 -
Attachments: 1. B2017048, 2. CB-48-2017 AIS, 3. CB-48-2017 Report, 4. CB-48-2017 Fiscal Impact, 5. Regional Preservation Tax Credit Programs, 6. Hyattsville Preservation Association Letter, 7. Letter of Support CB-48-2017 Kayleigh Kulp
Contact: Colette R. Gresham, Legislative Officer

Title

AN ACT CONCERNING FINANCE AND TAXATION - TAX CREDITS FOR IMPROVEMENTS TO HISTORIC RESOURCES for the purpose of amending certain requirements for tax credits on County real property taxes for improvements to historic resources in Prince George's County.

 

Background

The Council enacted CB-46-2013 on July 24, 2013 amending the percentage and date restrictiions eligible for tax credits on County real property for improvements to historic resources.  The allowed tax credit increased from 10% to 25% for restoration and preservation.  Currently, the tax credit may be granted within 5 years after the restoration or preservation work or new construction is completed.  However, there are projects for which the tax credit is not claimed within the 5 year time period.  The proposed legislation will extend the unused portion of a credit granted to 20 years after completion of the project.