The Maryland Department of Business and Economic Development has announced that the Biotechnology Investment Incentive Tax Credit has been re-funded for Fiscal Year 2012. With $8 million in new funding up for grabs, the program provides tax credits for firms looking to invest in qualified Maryland biotechnology companies.
The Biotechnology Investment Incentive Tax Credit is a central part of Governor Martin O'Malley's Bio2020 Initiative. The credit was first funded in 2007. Under the program, over 40 Maryland biotechnology firms have received credits that total more than $30 million. The qualification standards are very specific. To qualify, a company must have fewer than 50 employees, have their headquarters located in Maryland, be less than 12 years old, and obtain a certification from the Department of Business and Economic Development.
For 2011, the program has undergone a few structural changes. In previous years, investors and biotechnology firms had to apply in person for the tax credit at DBED. This year, applications can be filed online. Over 100 applicants filed for a portion of the funding on the first day of the online program's operations. Decisions on whether or not an investment is qualified under the program are expected to be delivered to the applicants within 30 days of filing.
Newly added for the 2012 Fiscal Year, biotechnology firms and investors can apply to be pre-qualified for the program. The 2012 pre-qualification process is going on now. The deadline for prospective biotechnology firms and investors to submit applications for qualification as a participant in the program is June 1, 2011. Applicants will receive notice that they have been accepted into the program by June 15, 2011.
Writer: Amy McNeal
Source: Maryland Department of Business and Economic Development