Life Sciences Funding
Maryland Life Sciences Funding
When it comes to federal funding, Maryland leads the way, with abundant federal dollars flowing to local life sciences regularly. And, year-after-year, venture capitalists are upping investments in Maryland’s life sciences companies. In addition to federal and VC funds, a variety of state programs are available to boost our local life sciences companies.
Biotechnology Investment Incentive Tax Credit
Provides an investor with an income tax credit equal to 33% of an eligible investment in a qualified business up to $250,000 in tax credits, or 50% of an eligible investment in a qualified business up to $500,000 in tax credits if the business is located in designated areas.
Research and Development Tax Credit
Businesses that have qualified R&D expenditures in Maryland may qualify for two state income tax credits, the Basic R&D Tax Credit and the Growth R&D Tax Credit.
Maryland Innovation Investment Tax Credit
Maryland Innovation Investment Tax Credit: Targeted at tech companies working to raise venture capital. The tax credit program incentivizes investors who invest in local companies
Job Creation Tax Credit
Businesses that create a minimum number of new full-time positions may be entitled to state income tax credits of up to $1,000 per job or $1,500 per job in a "revitalization area.”
TEDCO (Maryland Technology Development Corporation) is a source of funding for local early-stage, technology-based businesses. The organization, a quasi-public state agency, offers a variety of funding programs for life sciences businesses, including a STEM Cell Research Fund and Maryland Innovation Initiative.
A program that is co-sponsored by the Maryland Department of Commerce and T. Rowe Price, and offers a great opportunity for executives from companies with revenues up to $10 million to develop the tools needed to continue to grow and expand across the state.
Maryland Industrial Partnerships (MIPS)
Maryland Industrial Partnerships (MIPS) - Grants for technology product development. MIPS provides funding, matched by participating companies, for university-based research projects that help the companies develop new products.