The Maryland Innovation Investment Tax Credit has officially launched, aimed at growing Maryland’s early-stage technology companies with help from investors.
The program is targeted at companies working to raise venture capital, with the goal of increasing investment in current and up-and-coming tech sectors in the state, while also increasing the number of capitalists investing in local Maryland businesses.
Companies with less than 50 full-time employees, that are in the process of raising capital, are encouraged to explore the new investment program. Applications are now being accepted from businesses in qualifying tech sectors, including aerospace, blue technology, energy, robotics, and more. Additional eligibility requirements can be found here.
Once pre-qualified, companies can then encourage investors to apply through the state portal. Beginning November 1, investors interested in contributing capital to particular tech companies can submit applications. As part of the program, investors will receive a refundable income tax credit equal to 33 percent of an eligible investment up to $250,000 in tax credits. Additional requirements and guidelines can be found here.
