On January 16, 2013, Maryland Governor Martin O’Malley proposed a budget for FY2014 that includes several provisions aimed at boosting the state’s already robust cybersecurity industry, including a new $3 million tax credit program. This alert provides an overview of the proposed Maryland budget provisions aimed at cybersecurity and provides recommendations for companies looking to take advantage of state and federal cybersecurity opportunities in Maryland.
What are the Key Maryland Budget Proposals Impacting Cybersecurity?
According to Governor O’Malley’s budget proposal, Maryland is the nation’s “epicenter for cyber security.” To continue to spur investment, the Governor’s budget includes the following proposals (subject to final legislative approval):
- Funding of $3 million for the CyberMaryland Investment Incentive Tax Credit Program. This program, styled on a popular tax credit for the biotechnology industry, is aimed at stimulating the development of new cyber products (not services), including those used in commercial industries. To be eligible for the tax credit, the applicants must be based in Maryland, have at least $100,000 in equity, and have been in existence for fewer than five years. Qualifying investors will receive back one-third of their investment through the tax credit program. Credits will be available on a first come, first served basis through an online registration process.
Please see full alert below for more information.
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