The Maryland Department of Commerce is now accepting applications for the, designed to attract investment in Maryland cybersecurity companies. The cybersecurity tax credit program, which originally provided a tax credit to companies receiving the investment, was revised through legislation passed during the 2018 Maryland General Assembly session.
Through the tax credit program, venture capitalists, angel investors, and others investing at least $25,000 in a Qualified Maryland Cybersecurity Company (QMCC) may be eligible for a refundable tax credit for 33 percent of the investment. Investors who invest in a cybersecurity business in Allegany, Dorchester, Garrett, or Somerset counties may qualify for a tax credit of 50 percent of their investment.
To qualify for the tax credit, investors Applications and additional information for investors and companies are available here.. Qualified cybersecurity companies must be a for-profit business headquartered in Maryland, engaged primarily in the development of proprietary cybersecurity technology, having fewer than 50 employees, and meet other criteria. In addition, companies must apply to Maryland Commerce to be designated as a Qualified Maryland Cybersecurity Company.