A $6 million biotech tax credit could be cut as Maryland legislators attempt to reduce the state's budget, much to MdBio's displeasure. The popular program give investors in the state's biotech companies a 50 percent credit against state income taxes. In order to qualify for the funding, a company must be Maryland-based, have under 50 employees and have been in business less 12 years.
"This is an invaluable incentive for Maryland's biotech business community and provides access to capital at a time when Maryland needs to be encouraging our most innovative companies," Richard A. Zakour, executive director of MdBio, told Business Gazette. Zakour has written a letter to Maryland biotech execs urging them to contact legislators and protest plans to cut the credit. They may have an uphill battle, however. Maryland's Board of Revenue Estimates projects that the state will collect $445.5 million less revenue this fiscal year. That gap will wident to $716.5 million in FY 2010.
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