Maryland SB247 converts the Biotechnology Investment Incentive Tax Credit to a grant program.

Maryland SB247 replaces the Biotechnology Investment Incentive Tax Credit with a grant program. Qualified investors investing in Maryland biotechnology companies can receive grants instead of tax credits. The bill outlines eligibility criteria for investors and companies, including headquarters location, employee count, and business duration. It also details the grant application process, certification, and recapture provisions if companies fail to meet certain conditions.

Maryland SB247 converts the Biotechnology Investment Incentive Tax Credit to a grant program.

Maryland SB247 replaces the Biotechnology Investment Incentive Tax Credit with a grant program. Qualified investors investing in Maryland biotechnology companies can receive grants instead of tax credits. The bill outlines eligibility criteria for investors and companies, including headquarters location, employee count, and business duration. It also details the grant application process, certification, and recapture provisions if companies fail to meet certain conditions.