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Biotechnology Investment Incentive Tax Credit (BIITC)

View the FY 2020 Unofficial Queue.

​​​​​​BIITC provides an investor with income tax credits equal to 50%* of an eligible investment in a Qualified Maryland Biotechnology Company (QMBC). The program supports investment in seed and early stage biotech companies to promote and grow the biotech industry in Maryland.

Please continue to check this page for the most recent information regarding the availability of tax credits.

New Policy Change Effective July 1, 2015​

Beginning July 1, 2015, convertible debt created on or after July 1, 2015 will qualify for the Biotechnology Investment Incentive Tax Credit provided that the conversion to equity ownership (common or preferred stock) occurs within 30 days after the issuance of an Initial Tax Credit Certificate by the Maryland Department of Commerce (Commerce) and prior to the request for a Final Tax Credit Certificate. After June 30, 2016, convertible debt must have been created within one year prior to the date of an investor’s application for a Biotechnology Investment Incentive Tax Credit.


BIITC provides an income tax credit equal to 50%* of an eligible investment in a QMBC up to $250,000* for each QMBC per fiscal year. 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. An investor is limited to a credit of $250,000* for each QMBC per fiscal year.

  • QMBC is a company that (1) has its headquarters and base of operations in Maryland; (2) has fewer than 50 employees; (3) is in active business no longer than 12 years (up to 15 years if in the process of regulatory approval) and once certified as a QMBC, may remain eligible for a qualified investment for up to 12 years; and (4) certified by Commerce as a QMBC..

A single QMBC may not receive, for the benefit of investors, more than 15% of the program's fiscal year funding.

*For the fiscal year beginning July 1, 2016, the BIITC provides that if a QMBC is located in Allegany, Dorchester, Garrett or Somerset Counties, 75% of the investment is eligible for the tax credit up to $500,000.​


Beginning May 15, 2019 through May 22, 2019, Commerce will accept Form B applications for QMBC Precertification. Precertification will occur as soon as the applications have been reviewed. Notifications will be sent out no later than June 10, 2019.


Beginning on June 3, 2019, Commerce will be accepting Form A and B applications to enable participation in the electronic registration for the queue process that will take place on July 1, 2019. Please submit your application plus attachments via courier or by mail (no electronic filing) to Maryland Department of Commerce, Tax Incentive Group, World Trade Center, 401 E. Pratt Street, 17th Floor, Baltimore, Maryland 21202.

Investors making qualified investments in QMBCs in Montgomery County, Maryland, in addition to receiving Maryland's Biotechnology Investment Incentive Tax Credit, may receive a payment from the County's Supplemental Program. The program is subject to appropriation of funds. For more details, please contact the Montgomery County Department of Finance​ at 240-777-8860.

To qualify for the credit, complete and submit the Maryland Biotechnology Investor Incentive Tax Credit application forms to Commerce. (Include Investor Form A1, A2 or A3, and the QMBC Form B.)

Investor Application Forms:

Individual Investors: Download Form A1 
Corporate Investors: Download Form A2
Pass-Through Entities: Download Form A3 

QMBC Application Form:

Form B​ – #11 Attachments do not have to be submitted for each prospective investor in a QMBC if a current Form B is on file with Commerce and is 30 days old or less.

Certification Process

  1. Users must have Javascript and Abobe Flash plugins to view official clock and Recaptcha verification.
  2. June 3, 2019, completed applications with all attachments will be accepted at the Commerce offices located at the Maryland Department of Commerce, Tax Incentives Group, World Trade Center, 401 East Pratt Street, 17th Floor, Baltimore, MD 21202. A User Name and Reference Number will be issued within 72 hours, except applications received after June 24, 2019 will have a User Name and Reference Number issued after July 1, 2019.
  3. The second step of the application process will require that the User Name and Reference Number be used to electronically complete the submission beginning at 9:00 am EDT on July 1, 2019 through the website located at  Submission order of the applications will be determined by "first-come first-served" based ONLY on the electronic submission of the User Name and Reference Number. No physical application can be filed for purposes of the ordering of first-come first-served.  
  4. Multiple submissions by an applicant using the same user name and reference number will be considered filed at the date and time of the LAST submission. This rule is to maintain that the application procedure is as fair and equitable as possible.
  5. Any decision made by Commerce during the application process is considered final.

Applications are reviewed and approved based on the order received. At least 30 calendar days but no more than 60 calendar days prior to making a qualifying investment, the qualified investor submits a completed application to Commerce. Within 30 calendar days of receiving the application, Commerce will issue an initial tax credit certificate certifying the amount of any approved tax credits to a Qualified Investor or offer rejection. A qualified investor has 30 days after the date Commerce issues the tax credit to make an investment in QMBC. Within 10 days of making the investment, the qualified investor shall provide written notice with supporting 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 certificate. Based on the actual investment Commerce shall issue a final tax credit certificate​.



For more information about BIITC contact:

Virginia CrewsTax Specialist, BioHealth Technology
Maryland Department of Commerce, Office of Finance Programs

Lani SinfieldTax Specialist
Maryland Department of Commerce, Office of Finance Programs


  • What is active business for a biotechnology company?
    • “Active business” means that the Department can reasonably determine and establish the nature of the Company’s commercial biotechnology research, development or production operations. The mere legal organization, appointment or election of officers or managers, initial capitalization, and establishment of business offices of a company, alone or in combination, are not sufficient to establish that the company is engaged in active business for the purposes of this tax credit.​

  • Who are the essential employees in order for a biotechnology company to be certified?
    • The company must have at least one full-time non-executive employee engaged in biotechnology research in Maryland.​​​