PORTLAND PRESS HERALD • September 17, 2020
Maine’s tax credit for restoring historic buildings has boosted the state’s economy and has more than paid for itself, according to a study of the program released this week. The tax credit program has generated $525 million in construction investment since it was launched in 2008, says the report, commissioned by Maine Preservation, Coastal Enterprises Inc., Greater Portland Landmarks and the Maine Real Estate and Development Association. The loss of tax revenue to the state has been more than offset by the boost in local property tax revenues, as well as income and sales taxes, it concludes.