GBC News

GBC urges maintaining biotech tax credit, increasing it ASAP

Posted: February 10, 2009

The Greater Baltimore Committee has written a letter to Senate and House leaders urging them to at least maintain the amount of available tax credits for biotech investment at the budgeted level of $6 million and to significantly increase it as soon as economically practical. In announcing his BIO 2020 initiative last year, Governor O'Malley proposed doubling the tax credit in FY 2010 and doubling it again to $24 million in 2013.

“Although prospects for increasing the credit appear dim this session, the GBC will strongly push for getting back to the governor's proposed timetable sooner rather than later,” GBC President & CEO Donald C. Fry said in his State House Update newsletter. “This tax credit addresses the critical need of our state's bioscience industry for availability of early-stage investment funding.”

In the two years since its inception, this credit has leveraged more than $24 million in private investment in our state's bioscience industry.

It's essential that Maryland remain competitive with other states that are moving ambitiously to grow their own thriving bioscience industries and to overtake Maryland as an industry leader.
To view the GBC letter to Senate President Mike Miller and House Speaker Michael Busch, click here.