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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionMaryland
Jurisdiction type: State
Fiscal year ending In2021
Program nameBiotechnology Investment Incentive Tax Credit
Program purpose: Technology (biotech)
Statutory authority: Annotated Code of Maryland, Tax General, Section 10-725
Abating jurisdiction(s): State of Maryland
Applicable taxesCorporate Income Tax; Personal Property Tax
Method of abatement: Tax Credit
Provisions for recapture: If within 2 years after the close of the tax year for which the credit was claimed the investor sells, transfers of disposes or its ownership interest or if the company ceases to have its headquarters and base of operations in Maryland, the credit must be recaptured on the investors’ Maryland income tax return.
Gross revenue loss: $6,800,000
Reimbursement / offset: $0
Net revenue loss: $6,800,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.marylandtaxes.gov/reports/acfr.php