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Session Laws, 2005
Volume 752, Page 843   View pdf image
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ROBERT L. EHRLICH, JR., Governor
Ch. 99
CHAPTER 99
(House Bill 664) AN ACT concerning Biotechnology Investment Incentive Act FOR the purpose of providing for credits against certain State taxes for certain
investments in certain biotechnology companies and venture capital firms;
providing for applications to the Department of Business and Economic
Development for approval of the credit and certification by the Department to
investors of approved credit amounts; allowing certain investors to allocate
approved credits by agreement and limiting the maximum amount of credits
that may be allocated to an investor; limiting to a certain amount the total
amount of credits that the Department may approve for any calendar year and
that the Department may approve in the aggregate; prohibiting the Department
from approving credits for aggregate investment in one biotechnology company
that would exceed a certain percentage of credits in a calendar year; providing
for the issuance of certain initial credit certificates by the Department, subject
to certain requirements and limitations; providing certain limits on the amount
of credits that can be claimed; requiring the Secretary of the Department to
issue final credit certificates under certain circumstances; making certain
credits refundable under certain circumstances; establishing the Maryland
Biotechnology Investment Tax Credit Reserve Fund; authorizing the Governor
to include certain appropriations to a certain fund in the annual budget bill;
requiring the Comptroller to transfer certain amounts from a certain fund to the
General Fund under certain circumstances; specifying the year in which certain
credits may first be claimed; limiting the maximum amount of credits that may
be claimed on certain State income tax returns; providing for certain procedures
to claim approved credits; providing that certain unused credits may be carried
forward to certain taxable years; requiring certain venture capital firms to
perform a certain audit each year and to make payments to the Department
under certain circumstances; providing for revocation or recapture of a credit
under certain circumstances; requiring the Department to make a certain report
by a certain date each year; requiring the Department of Business and Economic
Development and the State Comptroller jointly to adopt certain regulations;
defining certain terms; providing for the application of this Act; and generally
relating to credits against certain State taxes based on certain investments in
certain biotechnology companies and venture capital firms. BY adding to Article - Tax - General
Section 10-725
Annotated Code of Maryland
(2004 Replacement Volume) BY adding to - 843 -


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Session Laws, 2005
Volume 752, Page 843   View pdf image
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