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<title>Hillman & Glorioso: Newsflash</title>
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<p class=MsoNormal><span style='font-size:7.5pt;font-family:Arial'>Date
posted: </span><span style='font-size:7.5pt;font-family:Arial;color:#336666'>September
3, 2003<br>
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<img width=5 height=1 id="_x0000_i1029" src="home\tpx.gif" border=0
VALIGN=MIDDLE><strong>HISTORIC TAX CREDITS</strong><br>
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VALIGN=MIDDLE></span></p>
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<span style='font-size:10.0pt;font-family:Arial'>Hillman & Glorioso is a
firm committed to partnering with our clients to help them become more
successful. We are especially proud of our contribution towards legislation
that benefits the preservation of historic properties. Our clients requested
that we review the tax benefits of proposed investments in historic
properties. When we determined that our clients would not receive expected
tax benefits once they crossed state lines, we went the extra step. We
introduced language that eventually became state tax credit laws in Maryland
and Virginia.<br>
<br>
Hillman & Glorioso discovered that there was a problem with the way that
state tax credits worked in real life. Virginia residents restoring
properties in Maryland found that they received little to no benefit from
this credit. A similar problem occurred for Maryland residents trying to
invest in Virginia properties. We believed that this problem was severely
limiting the pool of available investors in historic properties in both
states. Our solution was to create a reciprocal tax credit between states:
the state that the investor lives in gives the investor credit for rehabilitating
a building in another state that also has in place similar legislation for
their residents. For more information on historic tax credits, contact us at:
<a href="mailto:[email protected]">[email protected]</a> or call us at: (703)
902-9600.<br>
<br>
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