Investors may reserve shares now for a program to receive 55% of their investment back immediately, thanks to State and Montgomery County biotechnology investment incentive tax credits.
The State of Maryland and county governments seek to build on Maryland’s strength in the biotech field for economic development and stability in the tax base.
One county has created a special tax credit program that combines with the Maryland’s Biotechnology Investment Incentive Tax Credit (BIITC) to provide refunds of 55% to investors funding Qualified Maryland Biotech Companies. The BIITC program, as described by the Department of Commerce, supports investment in seed and early stage biotech companies to promote and grow the biotech industry in Maryland.
As described by Montgomery County,
Montgomery County Biotechnology Investor Incentive Program, a supplemental grant available to investors in biotechnology companies located in the county. Automatically given to investors who receive the MD State tax credit.
Also, according to the Department of Commerce:
. . . [I]f a Qualified Maryland Biotech Company is located in Allegany, Dorchester, Garrett or Somerset Counties, 75% of the investment is eligible for the tax credit up to $500,000.
The investment opportunity offered recently by GeneSystems, an early stage cancer detection company, is an example of a business seeking to take advantage of the tax incentive program to grow its company in Maryland.
From 20/20 Gene Systems:
Receive a 55% Refund on Investments of $50k or More in 20/20 GeneSystems
We’re excited to announce a compelling investment incentive available for investors in cancer detection startup 20/20 GeneSystems. Maryland’s Biotechnology Investment Incentive Tax Credit (BIITC) provides investors with refunds equal to 50% (plus 5% from Montgomery County, MD) of an eligible investment in 20/20 GeneSystems. The program supports investments in seed and early-stage biotech companies to promote and grow the biotech industry in Maryland.
For more information, see Maryland’s Biotechnology Investment Incentive Tax Credit (BIITC), or Reserve your spot in 20/20 GeneSystems.
The Maryland Association of Counties conference will feature a session on biotech business and the types of employment that the biotech field may bring to your county:
Anchor Your Local Economy with Biotech
The industry of biotechnology can help shore up a county’s economic development, creating health and wealth for local communities. Biotech, or the use of biological processes for industrial purposes (including the production of antibiotics and other disease-fighting medicines), may directly address health issues faced by your residents. At the same time, this emerging industry can create career-track job opportunities that set young professionals on a course to settle down in your county. In this session, hear about new developments in Maryland’s biotech community, including advancements that set Maryland upwind of other states in the biotech race. Learn how your county can attract biotech businesses and take advantage of the statewide biotech berth.
- Mike Geppi, CEO, Timbre Tech
- Tami Howie, Executive Director, Maryland Tech Council
Wednesday, August 15, 2018; 2:00 pm – 3:00 pm
MACo Conference, Ocean City, Maryland
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