FINAL COUNTDOWN: Legislature Must Act On The Cybersecurity Investment Incentive Tax Credit
Important Legislation Strengthens Maryland’s Thriving Cybersecurity Industry
Hogan Administration Calls On Legislators To Pass The Cybersecurity Investment Incentive Tax Credit The Hogan Administration Is Calling On The Legislature To Pass The Cybersecurity Investment Incentive Tax Credit; Failure To Pass This Common Sense Bipartisan Proposal Would Be A Blow To Maryland’s Thriving Cybersecurity Sector. Under Governor Hogan, Maryland Is Regarded As A National Leader In Cybersecurity Governor Hogan: “Maryland is becoming the cyber capital of America. We are home to one of a kind federal assets like the NSA, the U.S. Cyber Command, and the National Cybersecurity Center of Excellence. We already have 1,200 cyber companies and more and more are choosing to locate in Maryland.” (Governor Hogan, Maryland Jobs Initiative, 1/5/17)
Cybersecurity Investment Incentive Tax Credit Governor Hogan’s Proposal Will Grow And Continue Maryland’s Standing As A Cyber Security Leader; Current Cybersecurity Investment Incentive Tax Credit Is Underutilized, The Governor’s Proposal Makes The Tax Credit Available To Investors, Rather Than Cybersecurity Companies. “Subject to paragraph (2) of this subsection and subsections (d) and (f) of this section, for the taxable year in which an investment in a qualified Maryland cybersecurity company is made, a qualified investor may claim a credit against the State income tax in an amount equal to the amount of tax credit stated in the final credit certificate approved by the Secretary for the investment as provided under this section.” (“Senate Bill 318,” Maryland General Assembly, 3/14/17) |