Maryland HB290 establishes a tax credit for cybersecurity technology and service purchases by qualified buyers.

Maryland HB290 creates a tax credit for businesses and nonprofits purchasing cybersecurity technologies and services from Maryland-based companies. The credit is equal to 50% of the purchase cost, up to $50,000 per buyer per year. The credit is intended to boost the cybersecurity industry in Maryland. The Department of Commerce administers the credit, which is refundable if it exceeds the state income tax owed. The credit is available for taxable years beginning after December 31, 2025, but not after December 31, 2030. The credit is limited to $1,000,000 per seller per year.

Maryland HB290 establishes a tax credit for cybersecurity technology and service purchases by qualified buyers.

Maryland HB290 creates a tax credit for businesses and nonprofits purchasing cybersecurity technologies and services from Maryland-based companies. The credit is equal to 50% of the purchase cost, up to $50,000 per buyer per year. The credit is intended to boost the cybersecurity industry in Maryland. The Department of Commerce administers the credit, which is refundable if it exceeds the state income tax owed. The credit is available for taxable years beginning after December 31, 2025, but not after December 31, 2030. The credit is limited to $1,000,000 per seller per year.