Income Tax – Biotechnology Investment Incentive Tax Credit – Alteration

Bill Number:  SB1151

Bill Sponsor(s):  Senator King

Subject:  Budget and Taxation

Bill Summary:

Altering the definition of “qualified Maryland biotechnology company” to repeal certain limitations on the period of time for which a company may have been in active business for purposes of eligibility for the biotechnology tax credit; declaring the intent of the General Assembly that the credit will encourage private sector investment in Maryland biotechnology companies; altering a certain limitation on the aggregate credits that the Secretary of Commerce may certify for certain investments; applying the Act; etc.

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