Maryland BIITC
BIITC (pronounced “bit-see”) gives investors in young Maryland biotech and medtech companies a refundable Maryland income tax credit of 33% or more of what they invest. Here is how it works, who qualifies, and where Ecphora fits.
33%
base credit on an eligible investment,
enhanced credits may be available
$250K
maximum base credit per investor, per company, per year
$25K
minimum investment to qualify
Refundable
paid out even if you owe no Maryland income tax
What it is
BIITC is run by the Maryland Department of Commerce to make it easier for young Maryland biotechnology companies to raise private money. The company raises the round. Its qualified investors receive the credit on their Maryland income tax return.
Each year’s credits come from a fixed state budget and are awarded first come, first served through an online queue, so timing matters as much as eligibility.
Example
A $100,000 investment in a qualified Baltimore company earns a $33,000 Maryland tax credit at the base rate.
| Where the company is | Credit | Max credit |
|---|---|---|
| Most of Maryland | 33% | $250,000 |
| Allegany, Dorchester, Garrett or Somerset County | 50% | $500,000 |
| A RISE Zone, with technology from a qualified institution in that zone, and in business 7 years or less | 50% | $500,000 |
| An Opportunity Zone, investing through a Qualified Opportunity Fund: Level 1 Through December 31, 2026 | 65% | $575,000 |
| An Opportunity Zone, investing through a Qualified Opportunity Fund: Level 2 Through December 31, 2026 | 75% | $750,000 |
Maximum credit is per investor, per company, per year. No single company’s investors may receive more than 10% of a year’s program funding, or more than $7 million in total. Source: Maryland Department of Commerce.
Who qualifies
A Qualified Maryland Biotechnology Company, or QMBC
An individual or an entity
How it works
The most common mistake is moving money too early. No part of the investment can happen before Commerce authorizes it.
The company and investor agree on preliminary terms. Nothing is signed or funded yet.
The company submits Form B to be certified as a QMBC. Investors cannot apply until it does. Certification can arrive as late as two months after the investment closes.
Each investor submits Form A with complete documentation, then registers in Commerce’s online queue. Queue position decides the order in which credits are awarded.
Commerce issues an Initial Certificate. The investor then has 30 days to close the investment and 10 days after closing to send Commerce proof.
Commerce issues a Final Certificate. The investor attaches it to their Maryland tax return and the Comptroller applies the credit or pays it as a refund.
The fiscal 2027 cycle
Form B opened August 4, 2026. Form A opened August 18, and the investor queue opened September 1. Commerce posts each year’s dates on its BIITC page.
Plan to hold for two years
If the investor sells, or the company stops operating in Maryland, within two years after the close of the tax year the credit was claimed, some or all of the credit is recaptured: 100%, 67% or 33%, depending on timing.
Where Ecphora fits
Ecphora hosts single-company investment vehicles for Maryland medtech companies. We bring a company’s investors together in one Ecphora-managed vehicle and run the BIITC application for it.
One line on your cap table instead of many. We file the vehicle’s investor application, register it in the queue and coordinate the close with your Form B and the 30-day window, so you can stay focused on the company.
Invest alongside the company’s other backers through one vehicle. We keep the vehicle registered and in good standing in Maryland, and your documents and tax forms live in the investor portal.
More than $30 million invested across 15 Maryland companies. Our founder, Deborah Hemingway, PhD, presented the investor perspective at Commerce’s 2025 BIITC webinar, and we work directly with Commerce and the Comptroller’s office when questions come up.
The Opportunity Zone enhancement
Since 2019, investors who invest through a Qualified Opportunity Fund in a company located in a federal Opportunity Zone have been able to claim a larger credit: 65% at Level 1 and 75% at Level 2. Level 2 also requires approval from Baltimore City or the county, plus either a community benefits agreement with community groups or strategic industry partners in the zone, or zone residents serving on the company’s board.
Under current law, the enhancement ends with taxable years beginning before January 1, 2027. Maryland’s Opportunity Zone map also changes on that date.
We are leading a coalition to keep the enhancement in place beyond 2026. Here is how to join.
Nov 3, 2026
Commerce’s deadline to register Opportunity Zone applications in the queue
Dec 31, 2026
Last day to make an investment that receives the enhancement
Jan 1, 2027
New Opportunity Zone designations take effect
Join the coalition
The enhancement brings early-stage capital to companies in Maryland’s Opportunity Zones, the communities that have historically seen the least investment. We are leading a coalition of founders, investors and organizations working to keep it in place beyond 2026, and we would like you in it.
Write a short letter of support about what the enhancement has meant for your company’s fundraising. We will send you a template to start from.
Tell legislators why the credit brought you into a Maryland company. A few sentences from someone who wrote the check carry real weight.
Sign on as a supporter, share the effort with your members, or testify when the bill is heard in the 2027 session.
We will follow up with next steps and keep you posted as the bill moves.
Questions we hear
No. Any investor who files an income tax return outside a tax-haven jurisdiction can qualify. Entity investors from outside Maryland must register to do business in Maryland and show a recent certificate of good standing.
The credit is refundable, so the Comptroller pays it out.
No. IRAs, pension plans and other qualified retirement plans are excluded.
They can. The test is whether the company’s proprietary technology comprises, interacts with or analyzes biological material, along with the size, age, location and patent requirements. Commerce makes the call when it certifies the company.
Yes, if the instrument is no more than a year old when the investor applies, was issued in exchange for the investment, and converts to equity within the 30-day window after Commerce authorizes the investment.
No. The company cannot fund the investment directly or indirectly, no part of the investment can be returned to the investor, and no part of the credit can go back to the company.
Investors in Montgomery County companies may also receive a payment from the county’s supplemental program, subject to county funding. The Montgomery County Department of Finance administers it.
Tell us about your company and your round. We will tell you whether an Ecphora vehicle makes sense.
This page summarizes the Maryland Department of Commerce’s published program rules as of October 2026 and is for general information only. It is not tax, legal or investment advice, and it is not an offer to sell or a solicitation of an offer to buy any security. Program terms are set by statute and regulation and can change; Commerce’s official BIITC page governs. Talk to your own tax advisor about your situation.