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Committee approves testimony in support of proposed increase to historic tax credit cap
Summary
Councilors authorized testimony supporting a state bill to raise the per-project historic tax credit cap from $5 million to $10 million (referred as LD 2106 / LD146). The committee voted to send the testimony to Augusta to support downtown rehabilitation projects that rely on the credit.
The Business & Economic Development Committee voted on Feb. 3, 2025 to authorize testimony in support of a state proposal to increase the per-project historic tax credit cap, a measure committee members said would help larger rehabilitation projects in Bangor.
The ordinance referenced in committee materials was described during the meeting as LD 2106 (also referenced as LD146); the proposal would increase the historic tax credit cap from $5,000,000 to $10,000,000 over a two‑year period, according to the presenter. The measure seeks to make the credit more useful for projects whose construction costs have risen substantially.
Councilor Leonard moved to authorize testimony in support of the bill and the motion was seconded. Councilors approved the request and instructed staff to submit testimony to Augusta. Councilor Leonard said he supported the city participating because "we hear a lot from people that have made major investments in our historic districts in the downtown, that love this tax credit." The committee did not record individual roll-call tallies on the record for this item.
Councilors and staff discussed whether the measure was referenced correctly in materials; staff clarified the numbering and confirmed LD146 as the active file number in committee materials. No further action was recorded beyond authorization to provide testimony.
