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Maryland biotech execs push for tax breaks
Colleagues,
As reported in Washington Business Journal...Biotechnology leaders are urging Maryland lawmakers to double the amount of state tax credits available to young biotech companies...they are hoping the $787 billion federal stimulus package will send discretionary funds to Maryland that will be used to boost spending on the biotech tax credit program.
The $18 million invested so far has spurred $13 million in private investment, according ot the Tech Council of Maryland. Under the biotech tax credit program, investors receive a tax credit equal to 50 percent of the money they spend. To qualify for the credit, the company must be based in Maryland, have fewer than 50 employees and be in business less than 10 years.
Gov. Martin O’Malley had said that $12 million in biotech tax credits would be available in the 2010 budget, but held off on the promise after the state started coming to grips with its fiscal crisis.
Read on at: http://www.bizjournals.com/washington/stories/2009/02/16/daily37.html?
ENJOY!
CC
As reported in Washington Business Journal...Biotechnology leaders are urging Maryland lawmakers to double the amount of state tax credits available to young biotech companies...they are hoping the $787 billion federal stimulus package will send discretionary funds to Maryland that will be used to boost spending on the biotech tax credit program.
The $18 million invested so far has spurred $13 million in private investment, according ot the Tech Council of Maryland. Under the biotech tax credit program, investors receive a tax credit equal to 50 percent of the money they spend. To qualify for the credit, the company must be based in Maryland, have fewer than 50 employees and be in business less than 10 years.
Gov. Martin O’Malley had said that $12 million in biotech tax credits would be available in the 2010 budget, but held off on the promise after the state started coming to grips with its fiscal crisis.
Read on at: http://www.bizjournals.com/washington/stories/2009/02/16/daily37.html?
ENJOY!
CC
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