MD SB247

Converts the Biotechnology Investment Incentive Tax Credit to a grant program administered by the Department of Commerce, with grants disbursed within 90 days of verified investment

Establishes a new Biotechnology Investment Incentive Grant Program Fund as a special, nonlapsing fund with a mandated annual appropriation of $10,000,000 that the Governor cannot reduce

Grants equal 33% of investment (up to $250,000) or 50% (up to $500,000) for companies in distressed counties (Allegany, Dorchester, Garrett, Somerset) or Regional Institution Strategic Enterprise zones

Qualified investors must invest at least $25,000 in Maryland biotechnology companies with fewer than 50 employees, in business no longer than 12 years, with headquarters in Maryland and non-publicly traded securities

Grant amounts are subject to recapture on a sliding scale (100%, 67%, or 33%) if the investor sells their ownership interest or the company ceases Maryland operations within 2 years of disbursement