The Maryland Department of Commerce has officially opened the 2025 Biotechnology Investment Incentive Tax Credit (BIITC) program. Qualified Maryland Biotechnology Companies (QMBCs) can submit Form B applications starting on August 20, 2024, while investors can submit Form A applications starting September 3, 2024. The program offers income tax credits ranging from 33% to 75% of eligible investments, depending on the QMBC's location and specific program qualifications.
Enhanced credits are available for investors in Opportunity Zones and RISE Zones, with higher tax credits based on eligibility. Registration for the investor queue opens on September 24, 2024, and applications are processed on a first-come basis, with limited funding available. Be sure to apply early through the Commerce online system to take advantage of these tax benefits. For more information, please visit the official BIITC program page.