Biotechnology Investment Incentive Tax Credit (BIITC) Applications Opening Soon
The BIITC provides an income tax credit to investors in a qualified Maryland biotechnology company. The credit is 33% of an eligible investment, up to $250,000 in credits, or 50% in some counties or Opportunity Zones.
Visit the program website for more information about eligibility and application instructions. Company applications open on Aug. 23, and companion investor applications open on Sept. 7.
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 eligible investments made in certain QMBCs located in Opportunity Zones.
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.
- Qualified investor is an individual or any entity that invests at least $25,000 in a QMBC and is required to file an income tax return in any non-tax haven jurisdiction.
- QMBC is a biotechnology company that (1) has its headquarters and base of operations in Maryland; (2) has fewer than 50 full time employees; (3) has been in active business no longer than 12 years; (4) is certified by Commerce as a QMBC and (5) the qualified investors in the company have not received more than $7,000,000 in biotechnology investment Incentive tax credits.
- Please refer to the Resources section for further details on qualification.
A single QMBC may not receive, for the benefit of investors, more than 10% of the program's fiscal year funding.
All applications must be submitted with all attachments through Commerce's online system. Please read the instructions below before visiting the online portal.