Applications for the Biotechnology Investment Incentive Tax Credit (BIITC) are still being accepted for a Qualified Maryland Biotechnology Company (QMBC). These credits support investment in seed and early-stage biotech companies.
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.