Biotech Incentive Bills

For those of you interested in the biotech industry, you might have missed an article in today's Daily Record entitled "Lawmakers Pushing Biotech Tax Credit Measures" (subscription). The article discusses two biotech incentive bills which are currently pending in the Maryland General Assembly. SB 218 would increase from $3 million to $6 million the total amount of credits that may be approved by the Maryland Department of Business and Economic Development for any calendar year for each component of the Maryland research and development tax credit. SB 219 would provide tax incentives of $50,000 for an individual investor and $250,000 for a corporation who invest in a "qualified Maryland biotech company" as defined in the bill.