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Renovation Tax Credit Moves to House

March 28th, 2014 by WCBC Radio

After moving through the senate, a bill by State Senator George Edwards that would create a tax credit to help attract developers and support building owners hoping to make the upper stories of downtown buildings now moves to the House.  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. The tax credit would be equal to 50 percent of the amount of the investment and granted over a 10-year period in equal amounts, according to the language of the bill. Allegany County Commissioner Bill Valentine, on WCBC’s “Dave Norman Show” Wednesday said if approved, the bill would provide a tremendous shot in the arm for downtown development in Cumberland and elsewhere.





 

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