MARYLAND GENERAL ASSEMBLY PASSES
FELDMAN’S BIOTECH INVESTMENT BILL

                                                              First Tax Credit Available to Biotech Investors

Annapolis (April 12, 2005)—A tax credit bill to encourage development of the State’s biotechnology industry passed successfully through the General Assembly yesterday.  Introduced by Montgomery County Delegate Brian Feldman (D15), the bill makes Maryland more competitive in attracting and retaining biotechnology companies and the jobs and revenue they generate.

“For the first time, Maryland has a tax credit available for investments in biotechnology companies.  With the passage of this legislation, the State is demonstrating its commitment to fostering the growth and success of early-stage companies,” stated Delegate Feldman. 

Once it is signed by the Governor, the Biotechnology Investment Incentive Act will allow Maryland-based investors to claim an income tax credit on their investment. The credit will be available to individuals, corporations and venture capital firms.

Although ranked in the top tier of regions for biotechnology research and number of companies, Maryland lags well behind other major centers in terms of venture capital investment. Last year, the State slipped in the annual Ernst & Young rankings of biotech centers.  A Milken Institute report ranked the state eighth among the nation’s biotech centers for funding capital.  Rapidly expanding, bioscience industry jobs are expected to grow 13% faster than employment overall, according to the Bureau of Labor Statistics.

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