Biotechnology Investor Incentive Tax Credit (BIITC)
New update for FY2014 applicants (companies and investors):
On February 3, 2014, initial tax certificates for the last $1 million of tax credits for FY 2014 will be issued. However, since investors may choose not to invest the full amount for which they have been certified, the BIITC fund remains OPEN. You should continue to apply and your application will be reviewed in the order that it is received. The release of information on availability of any returned tax credits is expected in April of 2014.
Please continue to check this website as well as www.choosemaryland.org for the most recent information regarding the availability of tax credits.
Maryland’s Biotechnology Investor 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 ($1,500,000 of credit per company in FY2014 [July 1, 2013 - June 30, 2014]). During the first seven years of the program, it has stimulated investment of more than $90M in qualified Maryland biotech companies, with more than sixty companies taking advantage of the credits. The program is administered by the finance team at Maryland’s Department of Business and Economic Development and is supported by the BioMaryland Center.