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<TITLE>Hillman & Glorioso: Newsflash</TITLE>
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<TD WIDTH="500" COLSPAN="3" ALIGN=LEFT VALIGN=TOP> <FONT FACE="arial,helvetica,sans-serif" SIZE="1">Date
posted: <FONT COLOR="#336666">December 16, 1999<BR>
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<b>IMPACT OF FEDERAL AND STATE CREDITS ON HISTORIC RENOVATION</b><BR>
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<br>
<ul>
<li><font face="Arial, Helvetica, sans-serif" size="2">Historic rehabilitation
project credits are available.<br>
<br>
</font></li>
<li><font face="Arial, Helvetica, sans-serif" size="2">There are states
that have reciprocity laws relating to historic tax credits.<br>
<br>
</font></li>
<li><font face="Arial, Helvetica, sans-serif" size="2"> There are differences
between a tax deduction and a tax credit. </font></li>
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<p><font face="Arial, Helvetica, sans-serif" size="2">Hillman & Glorioso
Member Frank Glorioso recently led a discussion of these issues at a
breakout session of the National Trust for Historic Preservation's Annual
Conference, recently held in Baltimore, Maryland. The session specifically
addressed the evolving role of federal and state historic rehabilitation
credits in historic preservation. These credits provide a strong financial
incentive to rehabilitate historic properties into residential and commercial
business ventures. </font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">In his presentation,
Glorioso gave examples of how historic rehabilitation credits are utilized
in structuring transactions. For example, Hillman & Glorioso 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, Maryland and Virginia tax credits
to this group. The reciprocity laws of Maryland and Virginia attracted
Virginia investors by allowing them to receive a tax credit on the Virginia
tax, despite the property's Maryland location. 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. In this case, Hillman & Glorioso was
able to obtain the enthusiastic assistance and support of historic preservation
societies in both Maryland and Virginia with regard to specific requirements
on the tax credits. A building that otherwise may have been demolished
or altered irrevocably retained its historic charm and preserved Baltimore's
heritage. </font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">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.</font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2"> For more information
on Historic Rehabilitation Credits, email <a href="mailto:[email protected]">[email protected]</a>
or call us at (703) 902-9600. </font><FONT FACE="arial,helvetica,sans-serif" SIZE="2">
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