Biotechnology Investment Incentive Tax Credit - Conversion to Grant Program

HB 400 converts Maryland's Biotechnology Investment Incentive Tax Credit into a direct grant program administered by the Department of Commerce. It affects biotechnology companies (defined as firms primarily researching, developing, or commercializing biological technologies) by replacing tax credits with cash grants paid within a specified timeframe. The bill also allows recipients to subtract grant amounts from their Maryland income tax liability for the year received. This changes the program's structure from a tax benefit to a grant disbursement, moving it from the Tax Article to the Economic Development Article in Maryland law.