BILL TO ENCOURAGE DEVELOPMENT OF HISTORIC PROPERTIES APPROVED

BILL TO ENCOURAGE DEVELOPMENT OF HISTORIC PROPERTIES APPROVED

Senator Craven’s bill to be considered by the full Legislature 

 AUGUSTA – During the 2014 legislative session, the Legislature will consider a bill sponsored by Democratic Senator Margaret Craven of Lewiston to clarify Maine’s current historic preservation tax credit law.

“This is great news for Lewiston and any place with a large historic building that needs restoration,” said Senator Craven.  “People have been afraid to invest in large projects because they aren’t sure what their tax credit will be.  This bill will clear up that confusion and allow projects like the Bates Mill Number 5 to go forward.”

The definition of exactly what constitutes a project in a large property is vague, leading to confusion as to the size of the benefit a developer could receive.   Senator Craven’s bill, LR 2668, “An Act to Clarify the Limits of the Historic Preservation Tax Credit,” would remove this confusion.

For the second regular session of the legislature, bills that go before the entire Legislature must first be approved by the Legislative Council, a committee comprised of the ten legislative leaders. The Legislative Council met last month and approved slightly more than 100 bills.

The panel met today to hear appeals by lawmakers’ whose bills were not initially approved, and the panel voted 7-3 to advance Senator Craven’s bill.

The full legislature will reconvene in January 2014.

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