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
Program Industry: 54 - Professional, Scientific, and Technical Services
Geographic Focus: Statewide

Last Modified: 5/25/2022 2:34:09 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 a refundable State income tax credit for 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 33% of an eligible investment in a QMBC up to $250,000 in tax credits, or 50% of an eligible investment in a QMBC up to $500,000 in tax credits if the QMBC is located in Allegany, Dorchester, Garrett or Somerset County. Enhanced tax credits are also available for eligible investments made in certain QMBCs located in Opportunity Zones.  

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.  

QMBC is a biotechnology company that (1) has its headquarters and base of operations in Maryland; (2) has fewer than 50 full time employees; (3) has been in active business no longer than 12 years; (4) is certified by Commerce as a QMBC and (5) the qualified investors in the company have not received more than $7,000,000 in biotechnology investment Incentive tax credits.

Application Information:
All applications must be submitted with all attachments through Commerce's online system.

Application Link

Statutory Background

Program Start:
2005

Program Finish:
No Date Available

Program Administration Type:
Discretionary

Legal Citation:
MD Tax - General 10-725

Fiscal Information

Data provided are the most recent available.

Funding Source:
State-General fund

Tax Type:
Corporate Income Tax