Gov. Martin O’Malley’s FY15 budget includes increased funding for the state’s biotech tax credit, cyber tax credit and R&D tax credit, and provides level funds to continue longstanding tech-based and workforce initiatives.
The budget recommendations submitted last week to the legislature would provide the following increases for tax incentives:
- $2 million increase for the Biotechnology Incentive Tax Credit, bringing the total funds to $12 million to assist life sciences companies in raising funds. The program provides refundable income tax credits equal to 50 percent of an eligible investment.
- $1 million increase for the newer Cybersecurity Investment Incentive Tax for a total $4 million. This incentive provides a refundable tax credit equal to 33 percent of an eligible investment up to $250,000.
- $1 million increase for the state’s R&D tax credit for a total $9 million.
