InvestMarylanD - Insurance Companies
The InvestMaryland program is raising investment capital by selling a maximum of $100 million in State insurance premium tax credits to insurance companies (“Purchasers”) through an auction process and using the funds to make venture capital investments in qualifying Maryland companies. Auction proceeds will be payable to the Department of Business and Economic Development (DBED) by Purchasers in three equal annual installments due June 1 of 2012, 2013, and 2014, and Purchasers will receive a tax credit certificate from the Department in connection with the payment of each installment.
Insurance companies that are interested in participating in the Tax Credit Auction on March 15, 2012 must complete a tax credit application by February 1, 2012. The application should be completed, printed, signed and returned to DBED as per instructions on page 6 of the application. Winning bidders will execute a tax credit purchase agreement.
Documents:
Timeline:
Check back for updates to timeline and activities.
| February 1, 2012 | InvestMaryland Tax Credit applications are due to DBED |
| February - March 2012 | Tax Credit Auction training sessions |
| March 15, 2012 | Auction Date |
| May 1, 2012 | Secretary will notify successful bidders |
| June1, 2012 | Insurance companies make first payment |
For further details contact:
Frank Dickson, Program Manager, Maryland Venture Fund
frdickson@choosemaryland.org
401 East Pratt Street, 17th floor
Baltimore, Maryland 21202
410-767-6383 / fax 410-333-6931