Maryland Could Expand Cybersecurity Tax Credit

Maryland Could Expand Cybersecurity Tax Credit

Last year, CivSource reported on the creation of a new group of cybersecurity tax credits in Maryland. The state is working to build out a local cybersecurity economy given its proximity to the federal government. Along with the first round of tax credits, state officials announced that they were building a research and development corridor in partnership with local universities. Now, local lawmakers are exploring the idea of expanding the tax credits in the next budget cycle.

Both Maryland and Virginia are working to bring cybersecurity businesses to each state, research partnerships and tax credits are slated to continue at current levels even if the expansion goes nowhere. But, Maryland House Speaker Michael Busch said that a legislative task force was ready to submit recommendations about how to do more to bring more cybersecurity businesses to the state.

In an interview with the Associated Press, Busch said that the task force led by University System of Maryland Chancellor Britt Kirwan and Robert Hannon, a former head of the Anne Arundel County Economic Development Corporation, has a plan that includes a combination of expanded tax credits and getting more students through cybersecurity education to ensure that the labor pool is qualified.

The Maryland Economic Development Assistance Fund may also play a greater role in providing support for new cybersecurity businesses.

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