Provides income tax credits equal to 50% of an eligible investment for investors in Qualified Maryland Biotechnology Companies (QMBCs). This tax credit program offers incentives for investment in seed and early stage, biotech companies, up to $250,000.
Total credit certificates issued in a fiscal year cannot exceed budget amount. Applications are reviewed and approved on a first come basis.
Beginning on June 3, 2013, the Maryland Department of Business and Economic Development (DBED) will be accepting applications to enable participation in the electronic filing process that will take place on July 8, 2013. Please submit your application plus attachments via courier or by mail to the BioMaryland Center (ATTN: Charlene Cook; World Trade Center, 401 E. Pratt Street, 7th Floor, Baltimore, Maryland 21202).
Investors making qualified investments in QMBCs in Montgomery County, Maryland, in addition to receiving Maryland’s Biotechnology Investment Incentive Tax Credit, may receive a payment from the County’s Supplemental Program. For FY 2014, Montgomery County has reserved $500,000 for its Supplemental Program. For more details, please contact Peter Bang of the Montgomery County Department of Economic Development at (240) 777-2008.
Click here for the Unofficial Queue of Biotechnology Investment Incentive Investors as of October 11, 2013.