MTC can help members learn about incentives and programs designed to assist innovative Maryland companies grow and succeed. We can also make introductions to the right people you need to know to help your business. Let us know how we may assist you.
Biotechnology Investment Incentive Tax Credit
Provides income tax credits equal to 50% of an eligible investment for investors in Qualified Maryland Biotechnology Companies (QMBCs). This tax credit program offers incentives for investment in seed and early stage, biotech companies, up to $250,000. This program is funded at $12 million for FY2016. *Montgomery County offers a supplemental grant to investors of biotechnology companies located in Montgomery County who are approved and receive tax credits from the Maryland Biotechnology Investment Incentive Tax Credit Program.
Maryland Research and Development Tax Credit
Provides Maryland businesses with qualified research and development expenses a tax credit. The two types of credits are the growth credit and the basic credit. The tax credit is now refundable so even if your company does not have a tax liability, you may apply for the credit. This program has a $9 million annual cap.
Cybersecurity Investment Incentive Tax Credit
Provides a refundable tax credit to Qualified Maryland Cybersecurity Companies (QMCCs) that seek and secure investment from an in-state or out-of-state investor. The purpose is to incent and attract early-stage cybersecurity companies to start up in or move to Maryland and to attract investment to cybersecurity companies in order to help them grow, create jobs and retain intellectual property in Maryland. This program is funded at $1.5 million for FY2016. *Montgomery County cybersecurity companies designated as a Qualified Maryland Cybersecurity Company that receive a final tax credit certificate for the Maryland cybersecurity investment tax credit are eligible for the local supplement the following year.
Maryland Employer Security Clearance Costs Tax Credit
Provides an income tax credit to businesses that incur qualified federal security clearance administrative expenses and construction/equipment costs for constructing or renovating sensitive compartmented information facilities (SCIFs). In addition, a qualified small business that performs security-based contracting in Maryland may be eligible for an income tax credit for the first year of rental payments for spaces leased in Maryland. The program consists of two credits: (1) Sensitive Compartmented Information Facility Costs Tax Credit; and (2) The First Year Leasing Costs Tax Credit for Qualified Small Business. This program has a $2 million annual cap.
Maryland Venture Fund
Supports small, seed-stage, for-profit Maryland companies in their effort to develop and commercialize new technology-based products.
Maryland Economic Development Assistance Authority and Fund
Provides, through a flexible and broad-based program, grants, loans and investments to support economic development initiatives. Uses include business attraction and retention, infrastructure support, brownfield redevelopment, arts and entertainment districts, daycare, revolving loan funds and local strategic planning. Projects must be within Priority Funding Areas and eligible industry sectors. There are five financing capabilities offered through MEDAAF: (1) Strategic Economic Development Opportunities; (2) Local Economic Development Opportunities; (3) Direct Assistance to Local jurisdictions or MEDCO; (4) Regional or Local Revolving Loan Fund; and (5) Special Purpose Programs.
Maryland Small Business Development Financing Authority
Provides financing for small businesses that are not able to qualify for financing from private lending institutions or are owned by socially and economically disadvantaged persons. The program includes the Contract Financing Program, the Equity Participation Investment Program, the Long-Term Guaranty Program and the Surety Bonding Program.
Stem Cell Research Fund
Promotes State-funded human stem cell research and medical treatments through grants to public and private entities in Maryland. Applicants from Maryland-based public and private, for-profit and not-for-profit research organizations of all types are eligible for these awards.
Maryland Innovation Initiative
The Maryland Innovation Initiative (MII) was created as a partnership between the State of Maryland and five Maryland academic research institutions (Johns Hopkins University, Morgan State University, University of Maryland College Park, University of Maryland Baltimore and University of Maryland Baltimore County.) The program is designed to promote commercialization of research conducted in the partnership universities and leverage each institution’s strengths.
Tech Transfer
Moving innovations from the research lab to the commercial sector to create new ventures and to make new products and cures available to the public.
Cybersecurity Investment Incentive Tax Credit (CIITC)
CIITC provides a refundable income tax credit to Qualified Investors who invest in Qualified Maryland Cybersecurity Companies (QMCCs). The purpose of this program is to attract investment in Maryland cybersecurity companies in order to help them grow, create jobs, and retain intellectual property in Maryland.
Maryland Industrial Partnerships Program
Accelerates the commercialization of technology in Maryland by jointly funding collaborative R&D projects between companies and University System of Maryland faculty. The program provides cost-effective research through university partnering, access to expert university faculty and state-of-the-art facilities—including laboratories,graduate students, and equipment, the ability to select research capabilities to meet specific requirements, efficient transfer of technology from universities to companies and opportunities to work with students, who are potential future employees.
Maryland Health Care Product Development Corporation
MHCPDC’s goal is to stimulate growth of the biomedical industry in the state through early stage investment with promising Maryland biomedical and medical technology companies. MHCPDC assists emerging companies with management advice, market research, technical assessments and early stage financing. The corporation’s investments range in amounts from $250,000 to $1 million. MHCPDC expends significant efforts to identify and secure matching investments from commercial and state financing entities.