Maryland Working to Expand Biotech Industry Through Tax Credit Program

Image By: Michael Pereckas

The State of Maryland announced it recently received 125 applications for its biotechnology tax credit program valued at $8 million , Baltimore Business Journal reports.

Maryland’s biotechnology program provides startup biotech companies and investors with a maximum tax credit of $250,000

The Department of Business and Economic Development will review the applications and will issue certifications within 30 days.

Since 2007, Maryland’s tax credit program has awarded $38 million worth of tax credits to 50 biotechnology companies, according to Business Journal.

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