I was flabbergasted to read a newspaper article that pointed out at least 11 biotech startup company executives lined up days in advance to turn in their applications for tax credits. Kind state officials permitted them to stay inside near rest room facilities at the University of Maryland’s BioPark facility and it was noted the first person in line had an air mattress and sleeping bag!
The much-needed and very popular program stimulates investment in Maryland biotechnology startups by permitting investors to receive a tax credit of 50 percent of funds put into eligible companies. The credit cannot exceed $50,000 for individual investors and $250,000 for corporations and venture capital firms.
Unfortunately, Maryland only could budget $6 million for tax credits this year and the credits are awarded on a first-come, first-served basis. Kudos to Maryland and I hope other states see the benefit of helping biotech startups get off the ground.
