6/28 DEADLINE to reserve your place in line for Maryland’s FY2014 Biotechnology Investor Incentive Tax Credits. $10M (up to $1.5M/co.) distributed on a first come-first served basis to investors in Qualified Maryland Biotechnology Companies (QMBC).
QMBC requirements include:
- At least 1 full time employee (cash compensated, not equity) & fewer than 50 total employees; and
- A lease or ownership of commercial lab or office space in Maryland; and
- $100,000 in capitalization (sources: equity, convertible debt, long term loans, SBIR financing); and
- Evidence of innovative biotechnology research owned by the company and conducted in MD; and
- BIITC participation for 10 or fewer years; or
- For first time applicants: 10 or fewer years in business (12 years if in a FDA regulatory process)
If your firm qualifies for QMBC certification by Maryland’s Department of Business and Economic Development (DBED), your investors may be able to receive a 50% credit on their investments in your company. 6/28 is the deadline to apply to receive a pin number providing access to the 7/8/13 electronic line-up for FY 2014 BIITC funds.
For more information regarding the BIITC and other state funding programs and access to the BIITC investor and company application forms on the DBED web site, check online: www.Bio.Maryland.gov. *QMBC status will not be determined until after the electronic line-up as applications are being reviewed.
Maryland’s Biotechnology Investor Incentive Tax Credit (BIITC), created to assist the state’s early stage life sciences companies raise funding, is one of the most generous programs of its kind in the country. The program provides refundable income tax credits equal to 50% of an eligible investment to investors in qualified Maryland biotechnology companies (QMBCs). Although recipient companies must be based in Maryland, investors from outside the State (including outside the U.S) are encouraged.
Investments from $25,000 to $500,000 per individual investor are eligible, with a company limit of 15% of the annual budgeted credit amount ($1,500,000 of credit per company in FY2014 [July 1, 2013 - June 30, 2014]). During the first seven years of the program, it has stimulated investment of more than $90M in qualified Maryland biotech companies, with more than sixty companies taking advantage of the credits. The program is administered by the finance team at Maryland’s Department of Business and Economic Development and is supported by the BioMaryland Center.