Does the State of Maryland have any type of Tax Credit Program designed to stimulate economic development?
A. The Department of Business and Economic Development administers several tax programs designed to stimulate economic development. The Job Creation Tax Credit (JCTC) provides income tax credits to businesses that create new jobs to encourage them to expand or relocate in Maryland. The Research & Development Tax Credit is awarded to businesses that incur qualified research and development expenses in Maryland. For a business to be eligible, it must apply to and be certified by the Maryland Department of Business and Economic Development (DBED). The Department also offers the Biotechnology Investment Tax Credit program, which provides income tax credits for individuals, corporations and qualified Maryland venture capital firms that invest in qualified Maryland biotechnology companies. This tax credit program was passed to offer incentives for investment in seed and early stage, privately held biotech companies. And, businesses can also take advantage of the Brownfields Revitalization In
