Biotechnology Investment Incentive Tax Credit
We are still accepting applications for the FY2022 program.
BIITC provides an investor with a refundable State income tax credit for an eligible investment in a Qualified Maryland Biotechnology Company (QMBC). The program supports investment in seed and early stage biotech companies to promote and grow the biotech industry in Maryland.
BENEFIT
BIITC provides an income tax credit equal to 33% of an eligible investment in a QMBC up to $250,000 in tax credits, or 50% of an eligible investment in a QMBC up to $500,000 in tax credits if the QMBC is located in Allegany, Dorchester, Garrett or Somerset County. Enhanced tax credits are also available for eligible investments made in certain QMBCs located in Opportunity Zones.
Total credits issued during the fiscal year cannot exceed the budget amount and are, therefore, issued on a first come basis. The credit is refundable if the investor has no Maryland income tax liability.
Please continue to check this page for the most recent information regarding the availability of tax credits.
ELIGIBILITY
- Qualified investor is an individual or any entity that invests at least $25,000 in a QMBC and is required to file an income tax return in any non-tax haven jurisdiction.
- QMBC is a biotechnology company that (1) has its headquarters and base of operations in Maryland; (2) has fewer than 50 full time employees; (3) has been in active business no longer than 12 years; (4) is certified by Commerce as a QMBC and (5) the qualified investors in the company have not received more than $7,000,000 in biotechnology investment Incentive tax credits.
- Please refer to the Resources section for further details on qualification.
A single QMBC may not receive, for the benefit of investors, more than 10% of the program’s fiscal year funding.
APPLY
All applications must be submitted with all attachments through Commerce’s online system. Please read the instructions below before visiting the online portal. More information here.