SENATOR CRAVEN’S BILL TO ENCOURAGE DEVELOPMENT OF HISTORIC PROPERTIES SIGNED BY GOVERNOR

AUGUSTA – Governor Paul LePage has signed into law a bill sponsored by Democratic Senator Margaret Craven of Lewiston to clarify Maine’s current historic preservation tax credit law.

“I am thrilled that this bill has become law,” said Senator Craven.  “It will have a real impact on redeveloping the old mills of Lewiston and other cities across Maine.”

The definition of exactly what constitutes a project in a large property was vague in existing law, leading to uncertainty as to the size of the benefit a developer could receive if they redevelop a building in stages.  The new law makes it clear that a project can be a portion of a building and that the tax credit can be claimed over several years.

“Expansion of the historic preservation tax credit will help large redevelopment projects like Bates 5 and the Continental Mill become a reality,” said Democratic Representative Nate Libby of Lewiston, a member of the Taxation Committee which unanimously approved the bill. “Projects like these help preserve historic landmarks, repurpose vacant buildings and add significant value to Lewiston’s renaissance.”

Senator Craven added “Lewiston is lucky to have a creative thinker like Representative Libby.  He supported this bill from the beginning and worked with other members of the Taxation Committee to earn their support.”

The new law, LD 1661, “An Act To Clarify the Provisions of a Historic Preservation Tax Credit,” will go into effect 90 days after the end of the legislative session.

###