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Maryland Senate converts biotech tax credit into $10 million grant program to spur startups
Summary
The Maryland Senate voted to advance legislation converting a biotechnology investment tax credit into a grant program with a $10 million appropriation, with estimated fiscal impacts of $7 million in 2027 and $10 million in fiscal 2028; the committee report was adopted without objection.
Senate Bill 247, which would convert Maryland’s biotechnology investment tax credit into a grant program and include a tied appropriation, moved forward in the Maryland Senate on Thursday after committee amendments were adopted without objection.
Sponsor Senator Bridal said the change is intended to boost utilization by smaller biotech businesses and startups…
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