Tax credit or refund available to owners of historic property

Industry Watch

May 27, 2001

Under recently amended legislation, owners of historic properties now have the option of taking a tax credit as a refund through Maryland's Heritage Structure Rehabilitation Tax Credit program, according to the state's Department of Housing and Community Development.

The credit or refund is available to residents or businesses who use the program to renovate historic structures. Maryland's income tax credit is equal to 25 percent of the qualified rehabilitation costs of a certified heritage structure.

The amendments, which go into effect July 1, mean that a taxpayer can claim a refund if the earned tax credits exceed the taxpayer's' liability. More than 50,000 structures in Maryland may be eligible, according to the DHCD.

News in brief

The Bozzuto Group, a Greenbelt-based homebuilder, appointed two partners, Charles Covell and Michael Schlegel. Covell is a senior vice president and division manager of Bozzuto Homes Inc. and Schlegel is president of Bozzuto Construction Co.

Showcase of Homes 2001, the Home Builders Association of Maryland has scheduled its second annual tour of new homes, beginning June 3 and running through June 16. The free tour enables prospective homebuyers to see new model homes in the region. For more information, call 410-265-7400.

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