Commerce is now accepting Form B QMBC applications and Form A investor applications for the FY24 program. Additional information is available in the Apply section on this page.
BIITC provides an income tax credit equal to 33% of an eligible investment in a Qualified Maryland Biotechnology Company (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.
- 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.
- Beginning on August 22, 2023, 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 6, 2023, Commerce will begin accepting the Form A investor applications through the online system. Investor applications must be submitted no later than September 25, 2023 at 11:59 p.m. in order to be eligible for the Online Electronic Queue Investor Registration. Investor applications submitted after September 25 at 11:59 p.m. will be issued a username and reference number after September 26, 2023.
- 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.
- Beginning on September 26, 2023 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.
- 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.
- 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. 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.
- 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.
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.
Investor Application Forms:
(For informational purposes only)
Individual Investors: Download
Corporate Investors: Download
Pass-Through Entities: Download
QMBC Application Form:
(For informational purposes only)
For more information about BIITC contact:
Maryland Department of Commerce, Office of Finance Programs
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