BALTIMORE — The Baltimore City Council is reviewing a proposed bill that would be a last minute reprieve for a popular tax credit the Pugh Administration let expire called the "new housing tax credit."
Since the 90s, if you bought a newly constructed home in Baltimore, you were eligible for a property tax break that would phase out after five years. It was very popular and an incentive to build and buy in many of Baltimore's neighborhoods.
That tax break was allowed to expire July 1 and state lawmakers say the Pugh Administration never asked to renew it.
It left a lot of home buyers and builders in a pinch until Monday night.
Councilman Eric Costello will be introducing a bill on Monday night, a stop gap measure until next year when the legislature can re-up that popular program.
"The legislative remedy that we come up with will ensure that no one who would have otherwise been eligible for the credit misses out on the credit," said Councilman Costello. "Because it is important that when the city makes commitments to folks that are moving into the city, that we follow through on those commitments."
That credit had been around since 1996.
