Biotechnology Investment Incentive Tax Credit (BIITC)
New update for FY2015 (July 1, 2014 - June 30, 2015) applicants (companies and investors):
During the Spring 2014 Maryland legislative session, the Biotechnology Investment Incentive Tax Credits were increased by $2M to $12M. The electronic queue for these credits will take place on July 1, 2014. To participate in this queue, companies must register by submitting their complete application (form A1/A2/A3 and form B) to the Maryland Department of Business and Economic Development (DBED) Tax Incentives Group between June 2nd and June 27th.
Maryland’s Biotechnology Investment Incentive Tax Credit (BIITC), created to assist the state’s early stage life sciences companies raise funding, is one of the most generous programs of its kind in the country. The program provides refundable income tax credits equal to 50% of an eligible investment to investors in qualified Maryland biotechnology companies (QMBCs). Although recipient companies must be based in Maryland, investors from outside the State (including outside the U.S) are encouraged.
Investments from $25,000 to $500,000 per individual investor are eligible, with a company limit of 15% of the annual budgeted credit amount ($1,800,000 of credit per company in FY2015 [July 1, 2014 - June 30, 2015]). During the first eight years of the program, it has stimulated investment of more than $120M in qualified Maryland biotech companies, with almost seventy companies taking advantage of the credits.