Maryland Department of Commerce Accepting Applications for Cybersecurity Tax Credit
The Maryland Department of Commerce is accepting applications for the new Buy Maryland Cybersecurity Tax Credit, designed to encourage small businesses to purchase cybersecurity technologies and services from qualified Maryland cybersecurity companies.
To register as a Qualified Maryland Cybersecurity Seller (QMCS), Maryland companies must meet certain criteria and submit an application to Maryland Commerce. Once approved, the QMCS is listed on the Commerce website, which means exposure to prospective buyers and potential new sales.
To qualify for the Buy Maryland Cybersecurity Tax Credit, a buyer must complete and submit an application to Maryland Commerce for approval before making the purchase. Once qualified, the buyer is then eligible to claim a tax credit for 50 percent of the purchase price of cybersecurity technologies and services from a QMCS. The tax credit, which must be claimed for the tax year in which the purchase is made, is capped at $50,000 for purchases of up to $100,000. To be eligible for the tax credit in 2018, the inaugural year of the program, approved purchases from a QMCS must occur by December 31.
For additional information or to apply as a seller or buyer, visit Buy Maryland Cybersecurity Tax Credit.