Biotechnology Investment Incentive Tax Credit

• Beginning on August 23, 2022, Commerce will begin accepting the Form B QMBC application through the online system. The Form B QMBC application must be completed and submitted before Commerce will accept investor applications.
• Beginning on September 7, 2022, Commerce will begin accepting the Form A investor applications through the online system. Investor applications must be submitted no later than September 27, 2022 at 11:59 p.m. in order to be eligible for the Online Electronic Queue Investor Registration. Investor applications submitted after September 27 at 11:59 p.m. will be issued a username and reference number after September 28, 2022.

• Investors must separately register and apply through the online system. Investors may not apply through the registration of the biotechnology company. 
• Investors will receive a five-letter username and six-digit reference number in an email confirming submission of the investor application. The username and reference number are required for the second step of the investor application process, which is to determine order in the first come, first served allocation of funds using the Online Electronic Queue Investor Registration system. , first served allocation of funds using the Online Electronic Queue Investor Registration system. 

• Beginning on September 28, 2022 at 9:00 a.m. EST, Commerce will open the Online Electronic Queue Investor Registration which will require investors to use the username and reference number received during the first part of the investor application process.
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  • Submission order under the Online Electronic Queue Investor Registration will determine the first come, first serve allocation of funds. No other application may be filed for the purposes of determining submission order.
  • Investors must have Javascript and Adobe Flash plugins to view the official clock and Recaptcha verification.
  • Multiple submissions by an applicant using the same username and reference number will be considered filed at the date and time of the LAST submission. 
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  • This rule is to maintain that the application procedure is as fair and equitable as possible. Applications are reviewed and approved based on the order received.
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  • An eligible investor has 30 days from the date when Commerce issues the initial tax credit certificate to make the investment in a QMBC or prospective QMBC. Within 10 days of making the investment, the eligible investor shall provide written notice with the required supporting proof of investment documentation to Commerce. If the qualified investor fails to provide notice of investment to Commerce within 40 days after the issuance of the initial tax credit certificate, Commerce shall rescind the initial tax credit certificate. Based on the actual investment, not to exceed the approved amount, Commerce will issue a final tax credit certificate.
  • Any decision made by Commerce during the application process is considered final.
  • To qualify for the credit, the applications must be submitted through Commerce's online system. Paper forms are for informational use only.

Commerce will review the Form A investor applications based on the submission order determined by the Online Electronic Queue Investor Registration. If the Form A investor application is approved, Commerce will issue an “Initial Certificate of Approval” to authorize the investment by the qualified investor in the biotechnology company.  The qualified investor must provide proof of investment to Commerce, and if the investment is approved, Commerce will issue a “Final Certificate of Approval” awarding the tax credit to the qualified investor.