Economic Development - Income Tax Benefit Transfer Program - Establishment

SB 91 establishes Maryland's Income Tax Benefit Transfer Program, allowing eligible technology companies with unused tax credits or deductions to transfer those benefits to other businesses. To qualify, a technology company must have 1-10 full-time employees (depending on company age), operate in an eligible tech sector, and maintain good tax standing. The Department of Commerce, working with the Comptroller, will administer the program, enabling companies to fund state operations through transferred tax benefits. This program specifically targets technology firms engaged in research, development, or commercialization of innovative technology within Maryland.