Biotechnology Investment Incentive Tax Credit
Commerce is now accepting Form B QMBC applications and Form A investor applications for the fiscal year 2023 program.
BIITC provides an income tax credit equal to 33% of an eligible investment in a QMBC up to $250,000 in tax credits, or 50% of an eligible investment in a QMBC up to $500,000 in tax credits if the QMBC is located in Allegany, Dorchester, Garrett or Somerset County.
Enhanced tax credits are also available for Opportunity Zone fund investors who invest in QMBCs located in Opportunity Zones. The Level 1 enhancement provides an income tax credit equal to 65% of an eligible investment in an eligible QMBC up to $575,000 in tax credits. The Level 2 enhancement provides an income tax credit equal to 75% of an eligible investment in a QMBC up to $750,000. Please review the Opportunity Zone Enhancements website for more information.
Enhanced tax credits are also available for investors who invest in certain QMBCs located in RISE Zones. The QMBC’s technology must have been developed at a qualified institution within that RISE Zone and the QMBC has been in active business no longer than 7 years. The RISE Zone enhancement provides an income tax credit equal to 50% of an eligible investment in an eligible QMBC up to $500,000 in tax credits. Please review the RISE Zone program website for more information.
Total credits issued during the fiscal year cannot exceed the budget amount and are, therefore, issued on a first come basis. The credit is refundable if the investor has no Maryland income tax liability.
Please continue to check this page for the most recent information regarding the availability of tax credits.
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