Bill > HB400

This bill converts the Biotechnology Investment Incentive Tax Credit into a grant program, moving it from the tax code to the Department of Commerce's economic development initiatives. This means that instead of receiving a reduction on their income taxes, eligible investors will now receive direct grants for investing in qualified Maryland biotechnology companies. The bill establishes the Biotechnology Investment Incentive Grant Program and a dedicated fund for it, requiring an annual appropriation of $10,000,000 from the Governor. It also allows individuals to subtract these grant amounts from their taxable income, ensuring they are not taxed on the grant money received. The program aims to foster the growth of Maryland's biotechnology industry by encouraging investment in early-stage companies, with specific provisions for grant amounts, eligibility criteria, application processes, and recapture of funds if certain conditions are not met within a specified timeframe, such as the company ceasing operations or the investor selling their stake within two years of receiving the grant.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0400?ys=2026RS