An Act To Clarify the Provisions of a Historic Preservation Tax Credit
Sec. 1. 36 MRSA §5219-BB, sub-§4, as amended by PL 2011, c. 548, §31, is further amended to read:
Sec. 2. Application. This Act applies to tax years beginning on or after January 1, 2014.
Under current law, a person is entitled to a tax credit of not more than $5,000,000 for each certified rehabilitation project engaged in by that person. This bill provides that certified rehabilitation projects include rehabilitation projects involving only a portion of a certified historic structure or complex of certified historic structures when undertaken in phases or by different entities.