Tax Credits for Restoring Historic Homes in Maryland

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There are lots of construction companies in Maryland, and lots of good ones. James R. Irvine Construction, however, has developed and cultivated a unique specialty that sets us apart from the rest. We specialize in historic renovation and restorations and have for over 35 years! As such we have developed expertise in all things related to restoring historic homes in Maryland, including how to get the most tax benefits and refunds to help pay for your restoration.

Whether it is replacing your windows, repairing your roof, refinishing your floors or all of the above, you may be eligible for a significant tax credit.  It even covers your contractor fees and equipment rental fees. This credit is from the state of Maryland is designed to offset the expenses associated with restoring these older homes to preserve Maryland’s rich history.

Qualifications for Maryland State Historic Restoration Tax Credit

According to the Maryland Historical Trust “Homeowners have the opportunity to earn a state income tax credit equal to 20 percent of qualified rehabilitation expenditures.” This is a tremendous advantage to homeowners looking to do minor remodels to complete restorations of their historic homes! In order to qualify for the credit you must meet the following criteria:

  • The building must be a single-family, owner-occupied residence
  • The building must be or become a certified historic structure
  • Approval of all plans must be received by the Maryland Historic Trust prior to starting work
  • Expenditures must exceed $5,000 in a 24-month period
  • Homebuyer must use program-approved contractor for all work (a distinction James R. Irvine Construction has held for 35 years)

You can learn more and download application forms here. Or you can just call us. We’re here to help!

Additional Maryland Historic Preservation Tax Credits By County

The Maryland State credit is capped at $50,000 in a 24-month period, however there are additional tax credits to be had based on the county your home is located in:

Montgomery County Historic Preservation Tax Credit

Up to 25 percent of documented expenses for exterior maintenance, restoration or preservation work applied towards County real property taxes. Learn More

Howard County Historic Tax Credit

Howard County contains over 1,000 historic properties throughout the County. The Howard County Historic Preservation Commission offers various tax incentives for property owners to restore or preserve historic properties. Learn More

Washington County Historic Preservation Tax Credit

Up to 10% of the owner’s expense for certain restoration and preservation of any existing structure and/or a credit of 5% of the owner’s expense shall be allowed for new construction attached to an existing historic structure. Learn More

This is not intended to be an exhaustive list, but rather to demonstrate the potential that exists for Maryland historic homeowners. We have been helping these homeowners find and apply for these historic tax credits for years and are very comfortable and confident with the system.

Request a No-Cost Initial Consultation for Your Historic Home

To learn more or set up a no-cost initial consultation for your historic home renovation or stone home restoration call James R. Irvine Construction Inc. at (301) 271-3272

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