BALTIMORE (WJZ) — Mayor Brandon Scott along with the City Council announced Tuesday plans to reauthorize three tax credits set to expire.

The tax credits include the CHAP Tax Credit, the Newly Constructed Dwelling Tax Credit and the High-Performance Market Rate Tax Credit.

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Officials said the reauthorization bills associated with the credits were introduced by the City Council Monday evening. They will now begin to move through the council’s process for approval.

Mayor Scott is also set to establish a Tax Credit Review Committee that will evaluate the city’s existing tax credits and ensure the incentive program sustainably and equitably grows the tax base.

“I look forward to working closely with Council President Mosby, Councilman Costello, Shelonda Stokes, and the Tax Credit Review Committee to ensure our incentive structure is fit for today’s Baltimore, while simultaneously benefiting our residents, homeowners, local business community, and overall strategy for growth,” said Scott.

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“Growing Baltimore in a responsible and equitable way is paramount, and getting our tax code right plays an important role in achieving that goal and ultimately transforming our city,” said City Council President Nick J. Mosby. “As Baltimore’s leaders, we must always be intentional about developing sustainable solutions that bolster smart and equitable development. I am excited to help establish this review committee and will do all I can to support and extend tax credits that deliver results.”

The reauthorization of these three tax credits would build predictability into the process and aid projects in moving forward.

  • CHAP Tax Credit incentivizes homeowners and small businesses to make substantive rehabilitation of buildings in historic neighborhoods.
  • Newly Constructed Dwelling Tax Credit incentivizes construction of new row homes and the substantial rehabilitation of vacant homes.
  • High-Performance Market Rate Tax Credit incentivizes construction of new apartment buildings and the conversion of vacant commercial properties to apartment buildings.

“The reauthorization of these credits is critically important to growing our City, creating new jobs, and ensuring opportunity across all neighborhoods,” said Councilman Eric T. Costello, chairman of the Council’s Ways and Means Committee. “By establishing the Tax Credit Review Committee, the Mayor’s deliberate approach will make sure that we continue to offer credits that have demonstrated results in growing our city and that we act in a fiscally prudent manner to drive economic development in all communities.”

“These tax credits have fueled development across the city so it’s important to keep them going while we perform a comprehensive review of what’s working, what’s not, and where we have unmet needs,” said Downtown Partnership President, Shelonda Stokes. “The process matters moving forward, as we create new tools to stimulate investment, equity, and economic opportunity.”

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Officials said more information will be announced in the coming weeks.

CBS Baltimore Staff