NEW PROPERTY TAX CREDIT FOR INVESTMENTS IN COMMERCIAL PROPERTY REHABILITATION

Governor O’Malley signed in to law Senate Bill 605 on May 15, 2014 which offers property tax credits on commercial properties when owners make certain investments in adaptive reuse their existing buildings.

Originally, the bill was intended to cover 2nd floor renovations to typically historic buildings where current code now requires expensive upgrades like elevators and sprinkler systems. These requirements have made it difficult for property owners to invest in their buildings, causing many historic downtown building to fall into disrepair. District 4 Candidate for Worcester County Commissioner, Molly Hilligoss has been following this bill and was encouraged by its passing stating, “This is a move in the right direction to jump start economic development and move ahead projects in Historic Downtowns.” Hilligoss shared the great news with key leaders and the business community in Snow Hill on June 4th via email, as the bill went into effect on June 1, 2014. Property Tax credit may not exceed 50% of the upgrade expense and must be spread out over 10 years in equal amounts.

FROM THE OFFICE OF MOLLY HILLIGOSS, CANDIDATE FOR WORCESTER COUNTY COMMISSIONER, DISTRICT 4