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Biotechnology Investment Incentive Tax Credit (BIITC)

Please stay tuned to this website for information regarding the FY22 program which is expected to begin after July 1, 2021.  

FY2021 Official 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 Effective January 1, 2020
An investment does not include any transaction in which a purchase of an interest in a qualified Maryland biotechnology company is to be financed, in whole or part, by the qualified Maryland biotechnology company (or any of its subsidiaries). This would include a transaction in which a potential investor has agreed to pay any portion of the tax credit to the qualified Maryland biotechnology company.


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.

  • Please refer to the Statute and Regulations for further details on qualification.

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.​


All applications must be submitted with all attachments through Commerce's online system. Please read the instructions below before visiting the online portal. 

 Apply Online

  1. Beginning on August 24 2020, 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.

  2. Beginning on September 7, 2020, Commerce will begin accepting the Form A investor applications (see links below) through the online system. Investors will receive username and reference number to investors upon submission of the online application. The username and reference number is required for the second step of the investor application process which is to determine order in the first come, first serve allocation of funds using the Online Electronic Queue Investor Registration system. 

    Investor applications must be submitted no later than September 24, 2020 at 11:59 p.m. in order to be eligible for the Online Electronic Queue Investor Registration
    . Investor applications submitted after September 24 at 11:59 p.m. will be issued a username and reference number after September 29, 2020.

  3. Beginning on October 6, 2020 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.

    • 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. 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.

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:

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.



For more information about BIITC contact:

Jason Sobel, Tax Specialist
Maryland Department of Commerce, Office of Finance Programs

Virginia CrewsTax Specialist, Biotechnology
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.​​​