Passed by the Maryland General Assembly, Governor Hogan signed a tax credit program into law earlier this year that benefits investors backing early-stage technology startups. Investors can now earn a tax credit worth up to 50% of the investment.
Building upon a previous program set aside to support cybersecurity startups in Maryland, $2 million in funding is available through the program. Investors in qualified Maryland technology startups qualify for 33% (up to $250,000) in tax credits, 50% (up to $500,000) for companies located in select counties.
Multiple industry sectors qualify, including aerospace, cybersecurity, education, artificial intelligence, advanced manufacturing, agriculture, robotics and other technology areas.
Applications for the Maryland Innovation Investment Tax Credit are now available. Visit the Department of Commerce website for more details.
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