Commerce

Maryland Commerce Launches Maryland Innovation Funding Tax Credit score

BALTIMORE, MD (October 26, 2021) — The Maryland Division of Commerce has launched the Maryland Innovation Funding Tax Credit score, which can assist foster the expansion of the state’s expertise sectors by incentivizing funding in early-stage corporations. This system, which has $2 million in funding for FY 2022, may even assist improve general investments in present and rising tech sectors, and increase the variety of particular person buyers in Maryland tech corporations.

Purposes from potential certified Maryland expertise corporations are actually being accepted. To submit an software, click on right here. To be eligible, an organization will need to have 50 staff or much less; an combination capitalization of no less than $100,000; and be in a qualifying tech sector, which incorporates superior manufacturing, aerospace, agriculture, synthetic intelligence, blue expertise, cybersecurity, schooling, vitality and sustainability, monetary, life sciences, quantum, and sensors and robotics. 

“Maryland has lengthy been ranked as one of many prime states in our nation for innovation and expertise financial system preparedness,” stated Governor Larry Hogan. “This tax credit score will assist to additional strengthen our tech sectors by attracting new buyers and driving funding to our corporations to allow them to proceed to develop their greatest and brightest improvements.”

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