Montgomery County Biotechs Vie for a Piece of a $10 Million Pie

By Patch Editor Whitney Teal

The race is on for dozens of biotechnology companies competing for a piece of a $10 million tax credit from the Maryland Department of Business and Economic Development. The Biotechnology Investment Incentive Tax Credit, in its fourth year, was created to boost local, private investment in the specialized field.

“Maryland is positioned well for expanding our global leadership and competitiveness because of the better choices we’re making together to invest in initiatives that create jobs and support our growing Innovation Economy,” said Governor Martin O’Malley in a statement.

Last fiscal year, 12 companies in Montgomery County participated in the program. Since fiscal 2007, 60 companies statewide have received the credit. A refundable tax credit of up to 50 percent is issued to individual investors who raise between $25,000 and $500,000 in company investments.