MD Cybersecurity Tax Credit Informational Session
Join us to learn about new resources available to grow your cybersecurity company in Maryland.
Wednesday, December 11, 2013
bwtech@UMBC Research and Technology Park
5520 Research Park Drive (either Training Room or CyberHive, TBD)
Baltimore, MD 21228
RSVP to Stacey Smith at firstname.lastname@example.org
The new Cybersecurity Investment Incentive Tax Credit offered through the Maryland Department of Business & Economic Development (DBED) will begin accepting applications from qualified Maryland cybersecurity companies* on December 9, 2013. The program is funded at $3 million and offers a refundable tax credit to qualified Maryland cybersecurity companies that seek and secure investment from an in-state or out-of-state investor.
Additionally, businesses that incur qualified federal security clearance administrative expenses, and construction and equipment costs for constructing or renovating sensitive compartmented information facilities (SCIFs) in Maryland may be eligible for a State income tax credit through the State’s Employer Security Clearance Costs Tax Credit. Details on both tax credit programs will be presented by Jeffrey Wells, Executive Director of Cyber Development for MD Department of Business & Economic Development.
For a list of Maryland DBED tax credit programs and details click here.
* The following are the qualifications for a cybersecurity company for the Cybersecurity Investment Incentive Tax Credit: (1) headquarters and base of operations in Maryland; (2) organized for profit and engaged primarily in the development of innovative and proprietary cybersecurity technology; (3) fewer than 50 employees; (4) in active business no longer than 5 years and once certified as a QMCC, a QMCC may remain eligible for a qualified investment for up to 2 years; (5) no publicly traded securities on any exchange; and (6) certified as a cybersecurity company by DBED. Note: A cybersecurity technology means products or goods intended to detect or prevent activity intended to result in unauthorized access to, exfiltration of, manipulation of, or impairment to the integrity, confidentiality, or availability of an information system or information stored on or transiting and information system.