Early-stage Maryland biotechnology companies and investors must apply by Friday to be considered for the first-round of up to $10 million in state biotechnology investment tax credits, the state department of Business and Economic Development said Wednesday.
Credits for fiscal year 2014 are available through the Maryland Biotechnology Investment Incentive Tax Credit program, which promotes private investment in biotechnology companies. Recipients get a refundable tax credit of 50 percent of a investment amounts of $25,000 to $500,000 per investor. Investors do not have to be from Maryland.
Since the program was first funded in fiscal 2007, it has sparked investment of more than $90 million in Maryland biotech companies, with more than 60 companies using the program. The program is overseen by the BioMaryland Center, an office within the state's economic development arm.
An online system for the tax credits was put in place three years ago to make the process more efficient. Registrations are taken on a first-come, first-served basis. Investors will be told after 30 days if their investment is eligible.Copyright © 2015, CT Now