Agenda Item 5
February 23, 2010
Michael Faden, Senior Legislative Attorney
Expedited Bill 5-10, Economic Development
Credit - County Supplement
Expedited Bill 5-10, Economic Development - Biotechnology Credit - County
Supplement, sponsored by Council member Knapp, Council Vice President Ervin,
Councilmember Leventhal, Council President Floreen, and Councilmember Trachtenberg, was
introduced on February 2, 2010. A Planning, Housing and Economic Development Committee
(PH ED) worksession is tentatively scheduled for March 1 at 2:00 p.m.
Bill 5-10 would commit the County to supplement the state biotechnology investment
incentive tax credit, allowed under Maryland Code, Tax-General Article
10-725 (see ©5-9).
The County supplement would be 50% of the state tax credit for an investment in a qualified
Montgomery County biotechnology company. For more details on the state credit, see the fact
sheet prepared by County Department of Economic Development staff on © 10-11.
This packet contains:
Expedited Bill 5-10
Legislative Request Report
Fact sheet re state tax credit
F:\LA W\BILLS\I 005 Biotech Credit Suppleent\Public Hearing Memo.Doc