502S: Maryland Historic Revitalization Tax Credit (2025)
Maryland · Comptroller of Maryland · Used for tax years 2025
Maryland Form 502S calculates the Historic Revitalization Tax Credit for rehabilitation of certified historic structures in Maryland completed in the 2025 tax year. It reports certified rehabilitation expenditures, the allowable credit, and any credit recapture.
Who files this form
Use Form 502S to calculate the credit for rehabilitating a certified historic structure in Maryland, with rehabilitation completed in the 2025 tax year.
- The Maryland Historical Trust (MHT) must certify the rehabilitation as a substantial rehabilitation and certify the qualified costs.
- Corporations and pass-through entities must file electronically to claim or pass on the credit.
- Nonprofit organizations with a certified qualified rehabilitation may also claim the credit using Form 502S.
What you'll need
Have these documents and details ready:
- Your approved Certification Application (Part 3), including the MHT project number, property location, and certified expenditures.
- Your taxpayer name and identification number.
- The entity’s Federal Employer Identification Number if the credit comes from an entity other than the taxpayer listed on the form.
- Any recapture amounts that must reduce the credit.
Attach the completed Form 502S and a copy of the approved Certification Application (Part 3) to Form 502CR, Form 504, or Form 500CR, as applicable. For multiple properties, provide a separate Form 502S and the required certification for each property.
How to file
- Print using blue or black ink. Enter your taxpayer details and, if applicable, check the box for a credit derived from another entity and enter its Federal Employer Identification Number.
- Enter the MHT project number, property location, and certified expenditures from your approved Certification Application (Part 3).
- Calculate the credit on lines 3 through 5. Subtract any recapture on line 6. If the result is negative, enter the negative amount.
- Transfer line 6 to the appropriate form:
- Form 502 or 505 filers: line 2, Part CC of Form 502CR.
- Form 504 filers: add the amount on line 30 of Form 504.
- Corporations and pass-through entities: line 1, Part DDD of Form 500CR.
- Attach Form 502S and the approved Certification Application (Part 3) to the applicable form.
Corporations and pass-through entities must file electronically. A 501(c)(3) corporation should complete the Form 502S section of its electronically filed corporation income tax return. Trusts should attach Form 502S to Form 504.
Send photographs to MHT, not the Revenue Administration Division:
Maryland Historical Trust
100 Community Place, 3rd Floor
Crownsville, MD 21032-2023
Common mistakes
- Leaving out required attachments. Failure to attach Form 502S and the approved Certification Application (Part 3) will result in the credit being disallowed.
- Sending photographs to the Revenue Administration Division. All photographs must go to MHT.
- Reusing expenditures in another tax year. The same expenditures may not qualify for a credit in any other tax year.
- Overlooking the multiple-property instructions. Check the multiple-property box, complete lines 1 through 5 on a separate Form 502S for each property, and attach each property’s required certification.
Questions people ask
How much is the credit?
The basic credit is 20% of certified rehabilitation expenditures. A qualifying commercial rehabilitation of a high performance building may receive an additional 5%. Small commercial projects do not qualify for the additional credit. The maximum credit is $5,000,000 for commercial rehabilitations and $50,000 for other rehabilitations, including small commercial projects.
Can the credit be refunded?
The rehabilitation credit may be refunded if it exceeds your State tax liability.
How do I calculate the credit for multiple properties?
Complete lines 1 through 5 on a separate Form 502S for each property. Add all line 5 amounts, subtract total recapture amounts for all properties, and enter the result on line 6. Enter a negative amount if the result is negative.
When must a credit be recaptured?
During the first five years, starting with the first year the credit was claimed, disqualifying work can trigger recapture. Disposal of a certified commercial rehabilitation during that period also triggers recapture. The recapture percentages are 100%, 80%, 60%, 40%, and 20% in years one through five, respectively. No recapture is required for disqualifying work or disposal after the first five years.
Who can answer questions about certification?
Contact the Maryland Historical Trust at 410-697-9535 or visit mht.maryland.gov. For credit calculation questions, visit marylandcomptroller.gov or call 1-800-638-2937, or 410-260-7980 from Central Maryland.