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<p class=MsoNormal><span style='font-size:7.5pt;font-family:Arial'>Date
posted: </span><st1:date Year="2005" Day="1" Month="9"><span
style='font-size:7.5pt;font-family:Arial;color:#336666'>September 1, 2005</span></st1:date><span
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<b>IMPACT OF FEDERAL AND STATE CREDITS ON HISTORIC RENOVATION</b><br>
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10.0pt;font-family:Arial'>Historic rehabilitation project credits are
available.</span></li>
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auto;mso-list:l1 level1 lfo3;tab-stops:list .5in'><span
style='font-size:10.0pt;font-family:Arial'>There are differences between
a tax deduction and a tax credit. </span></li>
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<p><span style='font-size:10.0pt;font-family:Arial'>Hillman & <span
class=SpellE>Glorioso</span> recently assisted in structuring a deal so that
a local investor group was able to convert a historic building in downtown
Baltimore into a residential apartment building by offering Federal and
Maryland tax credits to this group. These tax credits are attractive to
investors since they directly reduce the tax by the amount of the credit,
unlike a tax deduction, which indirectly decreases a tax by reducing taxable
income. A building that otherwise may have been demolished or altered
irrevocably retained its historic charm and preserved Baltimore's heritage. </span></p>
<p><span style='font-size:10.0pt;font-family:Arial'>By utilizing tax credits
to obtain investors, development of the building has to follow certain
guidelines established to ensure that a building retains its historic
character. Historic Rehabilitation Credits can positively affect the
financial viability of a rehabilitation project, but require navigating a
twisted maze of regulations and legislation. There are specific requirements
on how the credits can be used on both federal and state levels, and very
specific tax and financial limitations may apply.</span></p>
<p><span style='font-size:10.0pt;font-family:Arial'>For more information on
Historic Rehabilitation Credits, email <a href="mailto:[email protected]">[email protected]</a>
or call us at (703) 902-9600. <br>
<br>
(To return to the homepage, please close this window). </span></p>
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