Program at a Glance

Biotechnology Investment Incentive Tax Credit (BIITC)
Maryland Department of Commerce

State: Maryland
Program Category: Tax
Program Type: Tax credit
Business Need(s) Addressed: Tech & product development, Capital access or formation
Geographic Focus: Statewide

Last Modified: 7/19/2021 2:59:20 PM

Website

Contact Information

Virginia Crews
Maryland Department of Commerce
Office of Finance Programs
401 East Pratt Street
Baltimore, MD 21202

Phone: 410-767-6359
virginia.crews@maryland.gov

Program Details

Program Description:
BIITC provides an investor with income tax credits equal to 50%* of an eligible investment in a Qualified Maryland Biotechnology Company (QMBC). 

Program Objective:
To support investment in seed and early stage biotech companies to promote and grow the biotech industry in Maryland.

Program Specifics:
BIITC provides an income tax credit equal to 50%* of an eligible investment in a QMBC up to $250,000* for each QMBC per fiscal year. Total credits issued during the fiscal year cannot exceed the budget amount and are, therefore, issued on a first come basis. The credit is refundable if the investor has no Maryland income tax liability. 

Eligibility and Application

Eligibility Requirements:

Qualified investor is an individual or any entity that invests at least $25,000 in a QMBC and is required to file an income tax return in any non-tax haven jurisdiction. An investor is limited to a credit of $250,000* for each QMBC per fiscal year.

QMBC is a company that (1) has its headquarters and base of operations in Maryland; (2) has fewer than 50 employees; (3) is in active business no longer than 12 years (up to 15 years if in the process of regulatory approval) and once certified as a QMBC, may remain eligible for a qualified investment for up to 12 years; and (4) certified by Commerce as a QMBC.

A single QMBC may not receive, for the benefit of investors, more than 15% of the program's fiscal year funding.

Application Information:
The RFP and required materials are listed on the program website. 


To qualify for the credit, complete and submit the Maryland Biotechnology Investor Incentive Tax Credit application forms to Commerce. (Include Investor Form A1, A2 or A3, and the QMBC Form B.)

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. The program is subject to appropriation of funds. For more details, please contact the Montgomery County Department of Finance? at 240-777-8860.

Statutory Background

Program Start:
2005

Program Finish:
No Date Available

Program Administration Type:
Discretionary

Legal Citation:
MD Code, Tax - General, 10-725

Fiscal Information

Data provided are the most recent available.

Funding Source:
State-General fund

Tax Type:
Corporate Income Tax
2012 - $700,000
Other
2012 - $7,300,000