# COMAR Title 24 — Department of Commerce

## Subtitle 05 — Economic Development

### Chapter 03 — Biotechnology Investment Incentive Tax Credit

#### Regulation .01 Purpose.

*COMAR 24.05.03.01*

A. This chapter describes the:

  (1) Requirements for a qualified investor to receive a certificate allowing it to claim a credit against the State income tax for an investment in a qualified Maryland biotechnology company;

  (2) Criteria to be applied by the Department of Commerce to determine whether a company will be certified as a qualified Maryland biotechnology company; and

  (3) Procedures to be used by the Department of Commerce to:

    (a) Receive, review, and approve or disapprove applications by investors claiming eligibility for the tax credit;

    (b) Determine whether investors are qualified investors;

    (c) Perform a criteria-referenced assessment and evaluation of companies to determine eligibility for certification as a qualified Maryland biotechnology company;

    (d) Issue initial and final tax credit certificates;

    (e) Issue certificates that a company is a qualified Maryland biotechnology company;

    (f) Monitor and audit investments in qualified Maryland biotechnology companies;

    (g) Monitor, audit, and make inquiries about:

      (i) The continued eligibility of tax credit certificate holders for tax credits;

      (ii) The continued eligibility for certification as a qualified Maryland biotechnology company; and

      (iii) The continued presence of a qualified Maryland biotechnology company, and the continued maintenance by it of its headquarters and the base of its biotechnology activities, in the State;

    (h) Rescind or revoke initial or final tax credit certificates; and

    (i) Rescind or revoke certificates that a company is a qualified Maryland biotechnology company.

B. The Comptroller of the Treasury administers the tax credit, any recapture or assessment procedures in connection with the tax credit, and the Reserve Fund.