Code of Maryland Regulations
Title 24 - DEPARTMENT OF COMMERCE
Subtitle 05 - ECONOMIC DEVELOPMENT
Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit
Section 24.05.03.01 - Purpose

Universal Citation: MD Code Reg 24.05.03.01

Current through Register Vol. 51, No. 6, March 22, 2024

A. This chapter describes the:

(1) Requirements for a qualified investor to receive a certificate allowing it to claim a credit against the State income tax for an investment in a qualified Maryland biotechnology company;

(2) Criteria to be applied by the Department of Business and Economic Development to determine whether a company will be certified as a qualified Maryland biotechnology company; and

(3) Procedures to be used by the Department of Business and Economic Development to:
(a) Receive, review, and approve or disapprove applications by investors claiming eligibility for the tax credit;

(b) Determine whether investors are qualified investors;

(c) Perform a criteria-referenced assessment and evaluation of companies to determine eligibility for certification as a qualified Maryland biotechnology company;

(d) Issue initial and final tax credit certificates;

(e) Issue certificates that a company is a qualified Maryland biotechnology company;

(f) Monitor and audit investments in qualified Maryland biotechnology companies;

(g) Monitor, audit, and make inquiries about:
(i) The continued eligibility of tax credit certificate holders for tax credits;

(ii) The continued eligibility for certification as a qualified Maryland biotechnology company; and

(iii) The continued presence of a qualified Maryland biotechnology company, and the continued maintenance by it of its headquarters and the base of its biotechnology activities, in the State;

(h) Rescind or revoke initial or final tax credit certificates; and

(i) Rescind or revoke certificates that a company is a qualified Maryland biotechnology company.

B. The Comptroller of the Treasury administers the tax credit, any recapture or assessment procedures in connection with the tax credit, and the Reserve Fund.

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