Maryland Commerce Launches Maryland Innovation Investment Tax Credit

0

BALTIMORE, MD (October 26, 2021) – The Maryland Department of Commerce launched the Maryland Innovation Investment Tax Credit, which will help foster the growth of the state’s technology sectors by encouraging investment in start-ups. The program, which has $ 2 million in funding for fiscal 2022, will also help increase overall investment in current and emerging technology sectors and increase the number of individual investors in Maryland technology companies.

Applications from qualified potential Maryland tech companies are now being accepted. To submit an application, click on here. To be eligible, a business must have 50 or fewer employees; an overall capitalization of at least $ 100,000; and belong to a skilled technology sector, which includes advanced manufacturing, aerospace, agriculture, artificial intelligence, blue technology, cybersecurity, education, energy and sustainability, finance, life sciences, quantum, sensors and robotics.

“Maryland has long been ranked among the best states in our country for readiness for innovation and the technological economy,” Governor Larry Hogan said. “This tax credit will help further strengthen our technology sectors by attracting new investors and generating funding for our businesses so they can continue to develop their best and brightest innovations.”

“We are focused on growing those sectors of Maryland’s economy that lead the way for innovation,” said Kelly M. Schulz, Maryland Secretary of Commerce. “This tax credit is critical to supporting our tech sector across the state, but especially in our rural areas and areas of opportunity.”

“Start-ups are critical engines of innovation and job growth in Maryland,” said Marty Rosendale, CEO of the Maryland Tech Council. “The Maryland Innovation Investment Tax Credit will encourage investment in local startups that compete in new industries with significant growth potential in our state. This is one more step towards our goal of making Maryland the number one innovation economy for technology in the country. “

Beginning November 1, investors considering investing in a particular qualified Maryland tech company can submit their requests for approval, with a deadline of November 15 at 11:59 p.m. As part of the program, investors will receive a refundable tax credit equal to 33% of an eligible investment up to $ 250,000 in tax credits. The amount of the income tax credit increases to 50 percent of a qualifying investment up to $ 500,000 in tax credits if the business is located in Allegany, Dorchester, Garrett or Somerset County. Enhanced tax credits are also available for eligible investments made in certain technology companies located in areas of opportunity. Additional eligibility conditions can be found here.

All approved investors will then be able to participate in an online registration on November 16 from 9 a.m. to determine the first-come, first-served order in which funds are made available.



Source link

Share.

Leave A Reply