State officials are continuing their efforts to make biotechnology big business in Maryland.
Up for grabs is $12 million in tax credits that the state will dole out to investors who want to put money into Maryland biotechnology firms.
The state received more than 100 applications from investors for the fiscal 2015 Biotechnology Investment Incentive Tax Credit, which was first funded in 2007. Since then, the program has stimulated investments of more than $120 million into 70 biotech companies.
Funding for the program has doubled since its inception, when there was $6 million available to investors.
“The Biotechnology Tax Credit is one of our most effective tools for helping Maryland biotech companies attract new investors and bring their innovative medical devices and diagnostics to the commercial marketplace,” Gov. Martin O’Malley said in a statement. “Increasing funding for the credit is critical.”
The biotech tax credit is one component of O’Malley’s 10-year, $1.3 billion plan — known as BioMaryland 2020 — to grow the state’s life sciences industry.
Applicants will learn within 30 days if they have been chosen for this round of tax credits. The credits are worth 50 percent of an eligible investment (no less than $25,000 and no more than $500,000 per individual investor).
Biotech companies must be based in Maryland in order to receive the investment, although investors from around the world are permitted to apply. There is a per-company limit of $1.5 million. Other eligibility criteria apply.
For detailed information about last year’s program, including which companies received investment, click here.