April 29, 2013
Filming of the second season of the Netflix production “House of Cards” began in the Baltimore area Monday, and with it came an announcement from Gov. Martin O'Malley that the first season of the political thriller starring Kevin Spacey had brought $140 million in economic impact and 2,200 jobs to the state. The state's Film Production Tax Credit helped bring “House of Cards” here, according to O'Malley. “Together with our leaders in the General Assembly, we've expanded the Film Production Tax Credit,” O'Malley said in a statement, “and as we welcome the cast and crew back, we also look forward to more job creation and economic opportunity to come.” Both the dollar figures and the politics behind them in O'Malley's statement were quickly called into question by critics of the incentives program.
April 24, 2013
Four Maryland organizations won the right to raise $135 million for community development projects by selling federal tax credits, the Treasury Department said Wednesday. The New Markets tax credits help developers fund projects intended to add jobs and bring other improvements to distressed areas. Investors purchasing the credits from New Markets recipients receive a break on their federal income taxes. The local recipients are Baltimore-based CDF Development, a Cordish Cos. affiliate that intends to invest in retail and mixed-use projects; Baltimore-based Harbor Bankshares Corp., which will offer below-market-rate loans to projects in low-income neighborhoods; Columbia-based ESIC New Markets Partners, which focuses on health care centers, healthy-food options and mixed-use developments; and Bethesda-based Mid-City Community CDE, whose investments will include transit-oriented businesses.
April 15, 2013
Gov. Martin O'Malley last week signed a law extending the deadline for homeowners to apply for the Homestead Tax Credit. Homeowners now have until Dec. 30, 2013, to submit an application. The credit is intended to keep property taxes on homeowner-occupied residences from increasing more than 10 percent (or less, depending on the jurisdiction) each year. Some owners of vacation and rental properties have been receiving the homestead credit improperly. In order to reduce the number of taxpayers receiving the credit on ineligible properties, more than five years ago the legislature instituted a one-time application requirement.
April 8, 2013
Developers converting older office buildings into apartments or building new complexes could get a significant tax break under a measure the Baltimore City Council approved Monday. The legislation is aimed at addressing a glut of vacancies in office buildings downtown, encouraging new or converted apartments in six other neighborhoods, and drawing new residents to the city. The list of requirements to qualify for the tax break is short: The development must be in one of the seven areas, must be a project involving at least 50 apartment units, and must have an environmentally friendly certification.
April 2, 2013
Lawmakers approved $25 million in tax credits for the film industry Tuesday, expanding and extending a program that was set to expire in 2014. Tuesday's vote sends to Gov. Martin O'Malley a bill that increases subsidies to film companies by $17.5 million over this year. O'Malley proposed the increased tax credit, along with credits for biotechnology and cyber security industries. Since the credits were first approved in 2011, they have gone to several projects including the popular Netflix series "House of Cards" that stars Kevin Spacey and was filmed in Baltimore.
January 28, 2013
A project to renovate a building in the Warfield Cultural and Commerce Center, in Sykesville, has been awarded $246,619 in state tax credits in Maryland's Sustainable Communities Tax Credit program. This week Gov. Martin O'Malley announced that five projects statewide, including Warfield, will receive the credits in a program that officials said would help create some 500 construction jobs. State officials said that in all, the five projects received a total of $6,992,341 in tax credits to leverage construction projects with a total cost of $31,836,476.