An Act To Increase The Maximum Amount Of The Historic Property Rehabilitation Tax Credit That May Be Taken In A Year

LD 146 increases Maine's Historic Property Rehabilitation Tax Credit limit for the first two years of claiming the credit (starting in tax years beginning January 1, 2025). Currently, taxpayers could claim up to $5 million per year for certified historic property rehabilitation projects, but this bill changes the limit to a combined $10 million total across the first two years. The credit for the second year is reduced by the amount claimed in the first year, ensuring the total does not exceed $10 million. This change directly affects property owners and developers rehabilitating certified historic properties in Maine, while maintaining a $5 million annual limit for all subsequent years.