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Some Facts and Points of Interest
These talking points and letter to the Governor were distributed Friday, April 16th at the Spring Real Estate Forum: Historic Tax Credits panel discussion featuring:
Zack Boyers, Chairman and CEO of US Bancorp Community Development Corporation
Kevin Buchek, President of EM Harris Construction
Andrew Smith, VP and Historic Studio Director of Trivers Associates
Thomas K. Vandiver, Partner of Sonnenschein Nath & Rosenthal LLP
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Contact your legislator and tell him/her that you support Historic Tax Credits. Attached is a list with contact information.
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INTRODUCED Full Bill Text as of March 30, 2010
Key Proposals: The Governor’s Tax Credit Reform Proposal, HB 2399 will create new statutes for 6 programs “with discretion on the amount to award; whether to award any amount at all; and, whether to award any or all of a particular year’s credit allocation” (Section 3(h) of How Do We Get There? DED Tax Reform Proposal). There is no reference in the DED and HB 2399 proposal to Historic standards and the Historic Designation. The proposal has been mistakenly framed as a measure that will reduce the state’s budget deficit, when in reality the Historic Tax Credit is a rebate program that will have no impact on the budget deficit for 1-3 years. The DED Director acknowledged that cuts in the tax credits would “have no impact on Fiscal years 2010 and 2011” in hearings on House Bill 2399. New responsibilities granted to the Department of Economic Development including annual allocation plan for state tax credits; Annual appropriation for tax credits to be made by general assembly
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by the Editorial Board
"Tax credit plan advances dubious policy based on false urgency
But the devil is in the details. The details in Mr. Nixon’s plan make it something less than an exercise in good government.
The most radical change would be to entrust the governor’s political appointees with greatly expanded authority to allocate hundreds of millions of dollars of taxpayer money. The current system in place for the largest tax credit programs allocates money by objective criteria. Under Mr. Nixon’s proposal, the state’s Department of Economic Development, run by gubernatorial appointee would make the decisions."
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by Joseph Cronyn and Evans Paull
Heritage Tax Credits: Maryland’s Own Stimulus to Renovate Buildings for ProductiveUse and Create Jobs, an $8.53 Return on Every State Dollar Invested
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