Maryland Economic Development Week continues today with a look at the Maryland Department of Business and Economic Development’s (DBED) tax credit programs, which spur job creation and investment in infrastructure, support start-up and early stage biotechnology companies and encourage research and development. Economic Development week, which was created to bring together the State’s economic development community to share best practices and recognize State and local economic development success stories, concludes Friday, October 28 with the Maryland Economic Development Association’s Fall Conference and 50th anniversary celebration at Turf Valley Conference Center in Ellicott City. For a full list of Economic Development Week events and activities, click here.

“Maryland’s tax credit programs are some of the most progressive in the nation and have helped businesses expand, create and retain jobs and attract venture capital and private investors,” said DBED Secretary Christian S. Johansson. “Our Biotech Tax Credit alone has helped leverage more than $64 million in private funds for emerging biotechnology companies, helping to bring groundbreaking discoveries to the commercial marketplace.”

A brief description of each tax credit program is below. For more detailed information on these programs, as well as a list of other state and federal incentive programs, visit DBED’s website or download a copy of the Department’s new Financing and Incentives brochure here.

Enterprise Zone Tax Credits Program: Provides real property and state income tax credits for businesses that locate on one of Maryland’s 29 enterprise zones.

One Maryland Tax Credit: Businesses that invest in an economic development project in a “qualified distressed county” and create at least 25 new full-time jobs may qualify for up to $5.5 million in state income tax credits.

Biotechnology Investment Tax Credit: Provides income tax credits for investors in qualified Maryland biotechnology companies. The value of the credit is equal to 50 percent of an eligible investment and cannot exceed $250,000 for investors.

BRAC Revitalization and Incentive Zone Program: Provides local governments with financial assistance for public infrastructure improvements in BRAC growth areas.

Cellulosic Ethanol Technology R&D Tax Credit: Provides income tax credits for expenses related to cellulosic ethanol technology research and development conducted in the state. Amount of credit is equal to 10 percent of eligible expenses.

Job Creation Tax Credit: Businesses that create a minimum number of new full-time positions may be entitled to state income tax credits of up to $1,000 per job or $1,500 per job in a “revitalization area.”

Research and Development Tax Credit: Businesses with qualified research and development expenses in Maryland are entitled to a tax credit if eligible and certified by DBED.

Brownfields Revitalization Incentive Program: A site that qualifies for this incentive program may also qualify for real property tax credits. The site must be located in a jurisdiction that participates in Brownfields revitalization and is owned by an inculpable person.

ABOUT DBED: The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.