Maryland BioHealth and Life Sciences Tax Credits
$12M in Biotechnology Investor Incentive Tax Credits Available
Now is the time to make certain your company and investors are prepared to apply for the Maryland Biotechnology Investor Incentive Tax Credit (BIITC) program. Investors can receive income tax credits equal to 50%* of eligible investments in Qualified Maryland Biotechnology Companies (QMBC). $12M in funding is available for these credits during the FY18 fiscal year. Important deadlines follow below:
From May 17th through May 24th, companies can apply using Form B for QMBC Precertification. Precertification notifications will be sent out no later than June 6th.
APPLICATION – PART ONE
From June 1 through June 23rd, completed applications with all attachments will be accepted by courier or mail at the Maryland Department of Commerce, Tax Incentives Group, World Trade Center, 401 East Pratt Street, 17th Floor, Baltimore, MD 21202. User Names and Reference Numbers will be issued within 48 hours for all applications received by June 23rd, enabling participation in the July 3 queue.
APPLICATION – PART TWO
Beginning at 9:00 am EDT on July 3, 2017,
User Names and Reference Numbers are used to electronically complete application submissions and electronically determine “first come first served.” No physical application can be filed for purposes of the ordering of first come first served.
APPLYING AFTER JUNE 23, 2017
Applications received after June 23, 2017 will have User Names and Reference Numbers issued after July 3, 2017 and will be able to join the queue at that time.
For more information, please contact the Maryland Department of Commerce.