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Downtown Tax Credit Signed Into Law

May 28th, 2014 by WCBC Radio

A bill aimed at  helping develop upper stories of downtown commercial buildings was signed into law this month by Maryland Governor Martin O’Malley- having easily been approved by both houses of the General Assembly in the last session. The downtown tax credit bill is designed to help attract developers and support building owners hoping to make the upper stories of downtown buildings more attractive. The bill allows cities and even counties “to provide a property tax credit against the county or municipal corporation property tax imposed on an existing commercial structure in which a certain investment is made to allow for adaptive reuse of the upper stories of the structure,” according to the language of the bill. That would apply, for instance, to converting the use of a building to office or apartment space. Cumberland Economic Development Specialist Shawn Hershberger said that although the legislation applies statewide, it was actually proposed by the Cumberland Mayor and City Council…





 

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