FOR IMMEDIATE RELEASE

Comptroller Franchot, Local Business Owners Promote MD Commuter Tax Credit

--Announcement Latest Step In Agency's Overall Strategy to Fight Gas Price Increases--

Annapolis, MD (August 11, 2008) - As a part of his agency's overall commitment to protect consumers at the gas pump, Comptroller Peter Franchot today joined with Montgomery County officials and businesses leaders to urge Maryland businesses who cover the transportation costs of their employees to take advantage of the State Commuter Tax Credit.

"Since becoming Comptroller, my office has worked diligently to investigate price discrimination and zone pricing practices that may be contributing to staggering increases at the pump," said Comptroller Franchot. "With gas prices at record levels and people finding it harder to make ends meet, I am proud to work with our local partners to redouble our efforts to get more folks to take advantage of this incentive program. It is not only good for Maryland business, but also for consumers and our environment."

The Maryland Commuter Tax Credit program allows businesses operating in Maryland to claim a 50% tax credit for the cost of providing commuter benefits to its employees up to a maximum credit of $50.00 per participating employee per month. The credit may be claimed against the financial institution franchise tax, the state income tax or the insurance premium tax starting. Any person, corporation or 501 (C)(3) and (C)(4) organizations conducting or operating a trade or business in Maryland can qualify for the credit, which covers the costs of employee commuter expenses ranging from Metro tickets, bus fare or vanpooling.

"The combination of the State Commuter Tax Credit along with Montgomery County's Super FareShare program is a powerful benefit to companies located here. These credits make providing transit benefits easy and economical for companies, and encourages employees to take transit to work, which improves recruiting and retention, and helps to achieve the ultimate goal of mitigating traffic congestion and reducing pollution," said Danielle Milo, Director of Bethesda Transportation Solutions.

To claim a tax credit, an employer must meet two requirements:

1. Submit a Maryland Commuter Tax Credit registration form to the State of Maryland or its representative prior to filing an applicable tax return; and



2. Complete Form 500CR to apply tax credits toward the total tax liability for the calendar year in which the commuter benefits are paid to or on behalf of participating employees.

The two forms can be downloaded at www.mtamaryland.com and www.marylandtaxes.com, respectively. For additional information, individuals can contact the Maryland Transit Administration at 410-767-8755 or the Comptroller's Office at 1-800-638-2937.

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CONTACT: Warren Hansen, 410-260-7082 (office), 410-212-1475 (cell)