Tech advocates headed to Annapolis for Invest Maryland hearings

Small business owners, bioscience and technology industry entrepreneurs, and business advocates are expected to jam into hearing rooms in Annapolis on Wednesday as the General Assembly’s two key budget committees hear an administration bill to create Invest Maryland — premium tax credit program aimed at generating $100 million in private investment funding for emerging Maryland businesses.

The bills, SB 180 and HB 173, will be heard at 1 p.m. before the Senate Budget and Taxation Committee and the House Ways and Means Committee.

Under the proposals, tax credits would be issued to participating insurance companies that contribute capital to the fund for investments in early stage Maryland companies. The proposal is intended to strengthen Maryland’s resources for nurturing growth in our state’s biotech, information technology, and clean-technology industries.

The bill is supported by the Greater Baltimore Committee. It’s the kind of strategic, effective and leveraged state investment in business growth that Maryland’s business leaders and economic development experts had in mind when they identified such initiatives as one of the eight core pillars of a strong business environment contained in the GBC’s recent report “Gaining a Competitve Edge: Keys to Economic Growth and Job Creation in Maryland.”

 A strong turnout for Wednesday’s hearing is being coordinated by the GBC, The Tech Council of Maryland, MDBio, DBED, and regional technology councils.

For more information on this legislation or to participate in Wednesday’s “Invest Maryland Day” in Annapolis, contact Liz Pettengill at 410-727-2820.