Biotech Tax Credit Eligibility Expanded, Stem Cell Grants Funded Under New Bills

ANNAPOLIS, Md.—Legislation that expands eligibility for Maryland’s existing biotechnology investment tax credit program was among bills signed April 9 by Gov. Martin O’Malley (D) following the close of the General Assembly’s 2013 session.

The legislation (S.B. 799/H.B. 328) amends provisions in state law that previously offered tax credits only to biotechnology companies that had been in business for less than 10 years, with certain exceptions.

Under the new law, a biotechnology company may seek a tax credit for up to 10 years after it first receives an investment that qualifies for a credit under the program. The change will apply ...