AGENDA ITEM #11
October 1, 2013
September 27, 2013
Amanda Mihill, Legislative Attomeyc)fYIJJu:.U
Bill 25-13, Economic Development - Cybersecurity
Credit County Supplement
Planning, Housing, and Economic Development Committee recommendation
enact as introduced.
Bill 25-13, Economic Development - Cybersecurity Credit County Supplement, sponsored by
Councilmembers Riemer, Floreen, and Leventhal, was introduced on September 10, 2013. A
Planning, Housing and Economic Development Committee worksession was held on Setpember
23. Action is scheduled immediately following this hearing.
Bill 25-13 would authorize the County to supplement the state cybersecurity investment
incentive tax credit. The amount of the supplement would be determined by a formula that takes
into account the number of companies that receive credits and the amount of funds appropriated
during the annual budget (©2-3, lines 19-28). The supplement paid to an eligible company must
not exceed 50% of the state credit or 15% of the annual appropriation for the program (©3, lines
29-35). The Executive transmitted a memorandum in support of the
(©6). The Gaithersburg
Germantown Chamber of Commerce submitted a letter in support of Bill 25-13 (©20).
(2-0, Councilmember EIrich absent): enact as introduced.
This packet contains:
Legislative Request Report
State tax credit law
Letter from Gaithersburg-Germantown Chamber of Commerce 20
F:\LAW\BILLS\1325 Cybersecurity Supplement\Public Hearing-Action Memo.Doc