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.
- 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.
All applications must be submitted with all attachments through Commerce’s online system. Please read the instructions below before visiting the online portal. Read More