Wow-Factor on Water Street

A bill in the Maine Legislature would double the transaction cap for the 25% state HTC, from $5 million to $10 million, and reduce the state HTC claiming period by one year, from four years to three years. The changes would be effective for tax years beginning on or after January 1, 2024.

In Rhode Island, a bill introduced in March would extend the state HTC sunset date to 2029. The current sunset date is June 30, 2024. The state HTC is 20% of QREs with a 5% bonus if at least 25% of the total rentable space or the entire first floor is used as a trade or business.

Heritage is active in Maine and Rhode Island and is pleased to support these efforts to improve the state HTC. Project like the Pepperell Mill in Biddeford, Maine, pictured above, would benefit from these improvements.

Our South office is expanding. Please welcome Charlotte Adams, our new Austin-based Project Manager. Charlotte has been working in the HTC field for five years. She hails from North Carolina and obtained a Master of Arts in Public History with a concentration in Historic Preservation from the University of South Carolina. Charlotte is pictured above at Lyndhurst Mansion in Tarrytown, NY, where she was repointing historic brick.

Here's how Charlotte became interested in a career in historic preservation:

"I grew up next to Old Salem, which is living history museum, and the exposure to that starting an early age made me interested in how buildings are tangible links to our shared history. When I grew up and realized that something so special to me as a child could be turned into a career, I jumped on it. I started out wanting to work in museums, but then I realized what I cared about the most was the buildings themselves, so I shifted to historic preservation. I'm so thrilled so be involved in the preservation and rehabilitation of our built environment."

Welcome to the team, Charlotte!