Cybersecurity Investment Incentive Tax Credit (CIITC) provides a refundable income tax credit to Qualified Maryland Cybersecurity Companies (QMCCs) that secure investment from investors. The purpose of this new program is to incentivize and attract cybersecurity companies to startup in or move to Maryland; and to attract investment to cybersecurity companies in order to help them grow, create jobs and retain intellectual property in Maryland.
QMCCs receive a credit equal to 33 percent of an eligible investment in the QMCC. A QMCC is limited to $250,000 for each investor, each fiscal year. A single QMCC may not receive total credits exceeding 15 percent of the total program appropriation for each fiscal year. QMCCs are limited to participating in the program for two years. Total credits issued during the fiscal year cannot exceed the budget amount and are, therefore, issued on a first come basis. The credit is refundable if the QMCC has no Maryland income tax liability.
For more information or to apply, please visit commerce.maryland.gov