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<HTML> <HEAD> <TITLE>Hillman & Glorioso: Newsflash</TITLE> </HEAD> <BODY BGCOLOR="#99CCCC" TEXT="#000000" LINK="#336666" VLINK="#000000"> <CENTER> <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="500"> <TR> <!-------TOP SPACE-----> <TD WIDTH="500" COLSPAN="3"> <IMG SRC="home/tpx.gif" WIDTH="1" HEIGHT="10" BORDER="0" HSPACE="0" VSPACE="0"><BR> </TD> </TR> <TR> <!-------TABLE CELL 1 ROW 1 COLSPAN 3-----> <TD WIDTH="500" COLSPAN="3" ALIGN=LEFT VALIGN=TOP> <FONT FACE="arial,helvetica,sans-serif" SIZE="1">Date posted: <FONT COLOR="#336666">September 3, 1999<BR> <IMG SRC="home/tpx.gif" WIDTH="1" HEIGHT="20" BORDER="0" HSPACE="0" VSPACE="0"><BR> </FONT> </TD> </TR> <TR> <!-------TABLE CELL 1 ROW 2-----> <TD WIDTH="50"> <IMG SRC="home/tpx.gif" WIDTH="50" HEIGHT="1" BORDER="0" HSPACE="0" VSPACE="0"><BR> </TD> <!-------TABLE CELL 2 ROW 2-----> <TD WIDTH="400" VALIGN=CENTER ALIGN=LEFT BGCOLOR="#336666"> <FONT FACE="arial,helvetica,sans-serif" SIZE="2" COLOR="#FFFFFF"> <IMG SRC="home/tpx.gif" WIDTH="1" HEIGHT="2" BORDER="0" HSPACE="0" VSPACE="0" VALIGN=MIDDLE><BR> <IMG SRC="home/tpx.gif" WIDTH="5" HEIGHT="1" BORDER="0" HSPACE="0" VSPACE="0" VALIGN=MIDDLE><STRONG>HISTORIC TAX CREDITS</STRONG> <BR> <IMG SRC="home/tpx.gif" WIDTH="1" HEIGHT="2" BORDER="0" HSPACE="0" VSPACE="0" VALIGN=MIDDLE><BR> </FONT> </TD> <!-------TABLE CELL 3 ROW 2-----> <TD WIDTH="50"> <IMG SRC="home/tpx.gif" WIDTH="50" HEIGHT="1" BORDER="0" HSPACE="0" VSPACE="0"><BR> </TD> </TR> <TR> <!-------TABLE CELL 1 ROW 3-----> <TD WIDTH="50"> <IMG SRC="home/tpx.gif" WIDTH="50" HEIGHT="1" BORDER="0" HSPACE="0" VSPACE="0"><BR> </TD> <!-------TABLE CELL 2 ROW 3-----> <TD WIDTH="400" VALIGN=TOP ALIGN=LEFT> <BR> <FONT FACE="arial,helvetica,sans-serif" SIZE="2"> 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> <STRONG>Anne T. Elliott, CPA</STRONG> <BR> <BR> (To return to the homepage, please close this window). </FONT> </TD> <!-------TABLE CELL 3 ROW 3-----> <TD WIDTH="50"> <IMG SRC="home/tpx.gif" WIDTH="50" HEIGHT="1" BORDER="0" HSPACE="0" VSPACE="0"><BR> </TD> </TR> </TABLE> </BODY> </HTML>