GOVERNOR MARTIN O’MALLEY TO ANNOUNCE PLANS TO REAUTHORIZE HERITAGE TAX CREDIT PROGRAM

Tax credit program proven effective to create jobs, revitalize communities

ANNAPOLIS, MD (January 7, 2010) – Governor Martin O’Malley tomorrow will announce plans to seek reauthorization of the Heritage Tax Credit, which provides tax credits for the rehabilitation of certified heritage structures. He will also announce awards for four heritage rehabilitation projects in Maryland.

The Governor will detail the nature of the reauthorization at an event tomorrow in Baltimore at the site of the Union Mill where Seawall Development Company is restoring the stone mill as teacher apartments and as office space for non-profit organizations. A report last year by the non-profit Abell Foundation concluded that commercial projects over the life of the program have employed roughly 15,120 people, earning $673.1 million in 2009 dollars.