Arrangements were made for the University of Maryland BioPark at 801 W. Baltimore St. to stay open all night so that applicants for Maryland’s Biotechnology Investment Tax Credit program did not have to camp outside as they lined up for a chance of a 50% tax credit on a first come first served basis from July 1. Executives had access to a gym and showers in the building. Many executives also eased the pain by taking turns with colleagues and, in some cases, hiring temporary workers to take their spot.
Maryland’s Biotechnology Investment Tax Credit program provides income tax credits for investors in qualified Maryland biotechnology companies. The incentives are for investment in seed and early stage, privately held biotech companies. The value of the credit is equal to 50% of an eligible investment made in a qualified Maryland biotechnology company during the taxable year. The maximum amount of the credit cannot exceed USDD250,000 for investors.
"We witnessed first-hand last year the unprecedented interest in Maryland's biotech tax credit program, with investors lining up for hours and even camping out overnight to be among the first to apply for the credits," said Governor Martin O'Malley in a statement. "With more and more biotech startups emerging in the State, we expect the program to attract even more applicants this year, underscoring the critical need for seed and early stage funding essential to the continued growth of Maryland's world-class biotechnology community." The biotech tax credit is a critical component of O’Malley’s Bio 2020 initiative, a 10-year, USD1.3bn plan to boost the state’s biotech industry. The plan includes raising the biotech tax credit from USD6m to USD24m by 2020. The tax credits were preserved during the 2009 General Assembly budget round, even as other programs were cut to address a USD1.1bn deficit.
Over the past three years Maryland has spent USD18m on the program, leveraging more than USD36m in private investment for 39 Maryland biotech companies.
A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance and Film Finance in a number of key jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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