Press Release
July 17, 2006
20/20 Investors Seeking 50% Refund Under New Maryland Biotech Investment Incentive Act Eighteen prospective investors in 20/20 GeneSystems, Inc. (“20/20”) from throughout the U.S. have filed applications with Maryland authorities seeking a 50% refund or tax credit for their anticipated investment under a new state program that become operational July 1. Applications were approved today. Under the Maryland’s new Biotechnology Investment Tax Credits program individual and corporate investors can receive half of their investment in a qualified Maryland biotech start-up back from the state. For example, if an individual invests $25,000 in a company like 20/20 they receive $12,500 back from the State of Maryland. Prior to investing prospective investors must submit an application with the state. Thereafter the state will certify the credits to the investor who then has 30 days to make the investment. If the investor pays Maryland income taxes they may claim a tax credit equal to 50% of the investment (up to$50,000 for individuals and $250,000 for corporations). Importantly, if the tax credit allowed exceeds the total tax otherwise payable by the investor for that taxable year, the investor may claim a refund in the amount of the excess. Thus, investors from outside of Maryland can take full advantage of this program. A maximum of $6 million in credits is available this year and the credits are awarded on a first come first served basis. For details please visit the Maryland Dept of Business and Economic Development website or call Jerry Troy at 240-453-6338. |