Bill Positions

Bill Number: HB 723

Bill Title: Business and Economic Development - Biotechnology Investment Incentive Act

Bill Sponsor(s): Departmental - DBED

Subject: Budget & Taxation

Committee: B&T

Bill Summary: The bill makes administrative changes to the biotech investment incentive credit, e.g. Altering eligibility criteria and requirements for claiming a credit against the State income tax for investments in specified biotechnology businesses; prohibiting the certification of credits for investments in a single company for any fiscal year in excess of 15% of the total appropriations to a specified reserve fund for the fiscal year; etc. The bill does not alter the amount of funding for the credit program.

History: A similar but not identical bill was filed in 2007, SB 976, but failed as the Committee took no action.

Chamber Position: Support

Position Summary: The biotechnology investment credit is an important incentive for attracting funding for Maryland biotech companies, allowing the state to attract the jobs that these companies can provide. This bill help make the administration of the credit better and easier.

Position Statement: Click here to download a pdf version of the Maryland Chamber's position statement.

Chamber Staff: Karen Syrylo

General Assembly: Click here to view the bill on the Maryland General Assembly's website.