ROCKVILLE, Md.--(BUSINESS WIRE)--The Tech Council of Maryland (TCM), Maryland’s largest technology trade association for life science and technology, today praised state lawmakers for advancing key priorities for the tech community during this year’s legislative session. The 2014 session concluded on Monday.
“We are encouraged to see Maryland lawmakers and the Administration come through on our biggest pro-growth priorities: stronger incentives for R&D, biotechnology, and cybersecurity,” said Phil Schiff, TCM’s CEO. “These industries are the catalysts for innovation and job growth in Maryland, and we are grateful to see so many policy makers in Annapolis recognize the pivotal role they will play in Maryland’s economic future.”
Tech-friendly legislation enacted in the 2014 legislative session includes:
Cybersecurity Investment Fund - TCM successfully advocated for legislation that establishes the Cybersecurity Investment Fund to provide early stage seed funding for emerging Maryland companies focused on cybersecurity. The Fund will be modeled after the State’s successful Technology Commercialization Fund.
Increased R&D Tax Credit - TCM successfully supported legislation to increase the Maryland Research and Development Tax Credit’s annual cap from $8 million to $9 million. Research and development are vital components to innovation and job growth, and expanding this tax credit enables more Maryland companies to invest in local research and development.
Maryland E-Nnovation Fund - TCM successfully supported legislation to establish the Maryland E-Nnovation Initiative Program, which will boost investment in Maryland’s world-class research institutions by leveraging private donations with public funding.
Increased Cybersecurity Tax Credit - TCM successfully supported a budget increase for the Maryland Cybersecurity Investment Tax Credit by $1 million to $4 million. The program offers tax credits to small and growing Maryland cybersecurity companies.
Biotech Investor Tax Credit - TCM successfully supported a budget increase for the Biotech Tax Credit from $10 million to $12 million. The Credit offers refundable income tax credits to qualified investors early stage life science companies in Maryland to boost life science innovation and job growth.
ABOUT THE TECH COUNCIL OF MARYLAND, INC.
The Tech Council of Maryland (TCM) is the largest technology trade group serving the advanced technology and biotechnology communities of Maryland. TCM’s mission is to advocate for the interests of the technology community, further the role of technology in the Maryland economy, and nurture an environment where technology companies can collaborate, grow and succeed. For more information, visit www.techcouncilmd.com.