Maryland HB400 converts the Biotechnology Investment Incentive Tax Credit Program to a grant program.
Maryland HB400 establishes the Biotechnology Investment Incentive Grant Program, replacing the existing tax credit program. The new grant program aims to foster the growth of Maryland's biotechnology industry by incentivizing investment in early-stage companies. Qualified investors can receive grants for investments in eligible biotechnology companies, with enhanced grants available for companies located in opportunity zones.
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