In his newly released proposed FY 2010 state budget, Maryland Gov. Martin O’Malley (D) has said he plans to submit legislation that would revise and enhance the state’s Heritage Tax Credit Program, which provides a state tax credit for the rehabilitation and renovation of historically and culturally significant properties, preserving Maryland’s architectural heritage. The proposed legislation would return the heritage tax credit program to its pre-2004 status as a conventional tax credit. Tax credits would no longer be budgeted, but instead reduce state tax revenues in future years when credits are claimed. The legislation will also authorize a capped amount of funding for a multi-year period, and provide for tax credits to be awarded on a first-come, first-served basis. The proposal will also provide a bonus of 5% in additional tax credits for buildings that receive LEED Gold certification under the U.S. Green Building Council’s green building rating system.  read more…