Maryland Announces Streamlining of Biotech Credit Application Process - Tax Point Advisors to Assist

Posted by Jeffrey Feingold on 06.14.10

Tax Point Advisors will assist CPA's and their clients in applying for MD state biotech credit, for which the state has just announced a new, streamlined application process. For further info, contact Tax Point Advisors, (800) 260-4138

Jun 13, 2010 - Md. takes biotech tax credit process online-

Biotechnology investors will no longer have to camp out to get in line for one of the state's coveted biotech investment tax credits — at least, not outside.

The waiting will instead move to office computers and desks. The Maryland Department of Business and Economic Development has moved the first-come, first-served application process online this year.

In previous years, dozens of prospective investors have lined up for days outside DBED's headquarters. Last year, $6 million in credits was available. This year, that has been upped to $8 million.

"With the growing popularity of the program, we wanted to ensure that all companies and investors had an equal chance to apply for part of the $8 million in credits available," DBED Secretary Christian Johansson said in a statement.

The tax credit program gives investors a credit against their personal or corporate income tax bills worth up to 50 percent of the amount they contributed to a small and growing Maryland biotech.

Applications for this year's credits will be accepted July 1. Investors and companies planning to apply must supply DBED with supporting documentation and investor forms between June 1 and June 25.

Five Greater Baltimore biotechnology companies landed investments this fiscal year that were lured by the program. Over the past four years, the program has spurred $24 million in investment that was used to leverage another $50 million in private biotech investment.

The local companies benefiting from the program include:

• BioMarker Strategies, a company based at the Science + Technology Park at Johns Hopkins developing diagnostic tests to help treat cancer;
• Gliknik Inc., based in the University of Maryland BioPark, which is developing new drugs to treat autoimmune diseases and cancer;
• FASgen Inc., also a BioPark resident, which is developing drugs that target cancer, obesity and diabetes;
• Arginetix, a Timonium startup that is making drugs that could treat cancer, asthma and high blood pressure in the lung's arteries; and,
• A&G Pharmaceuticals, a Columbia company working on tests to screen for breast cancer.

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Tax Point Advisors assists CPA's & their clients in identifying & capturing their maximum R&D tax credits. WE HAVE A INDUSTRY-LEADING AUDIT SUCCESS RATE, NEVER HAVING HAD A CLAIM DENIED. 1 (800) 260-4138, www.taxpointadvisors.com