There’s excellent news for Maryland businesses and it comes in the form of a tax credit.
If your business has purchased cyber security goods or services from a Maryland cyber security company, congratulations. You’ve taken a smart step toward protecting your business from hackers. The promising news doesn’t stop there. There’s also a strong chance you’ll be eligible for a tax credit.
Called the Buy Maryland Cybersecurity (BMC) Tax Credit, this new credit “provides an incentive for Qualified Maryland Companies to purchase cybersecurity technologies and services from a Qualified Maryland Cybersecurity Seller. Qualified Maryland Companies may claim a tax credit for 50% of the net purchase price of cybersecurity technologies and services purchased from a Qualified Maryland Cybersecurity Seller,” according to the Maryland Department of Commerce’s website.
Things to know about the BMC tax credit:
The good news isn’t just for those who purchase cyber security services.
If you invest in a cyber security company in Maryland, you could qualify for the Cybersecurity Investment Incentive Tax Credit (CIITC).
Specifically, if you invest $25,000 or more in a cyber security business that has less than 50 employees, you might be eligible for a refundable tax credit for one-third of your investment. If you back a cyber security business in Allegany, Dorchester, Garrett or Somerset County, that credit increases to 50%.
Things to know about the CIITC:
If your business hasn’t yet worked with a Maryland cyber security company, now is the time to start. Here’s why:
To find out whether you or your business qualifies for either tax credit, our tax team can help. Call us at 800.899.4623 or contact us online.
If you want to protect your business from a cyber attack — and possibly benefit from a tax credit in the process — Gross Mendelsohn’s Technology Solutions Group can help. Call us at 800.899.4623 or contact our cyber security team online.
Published on October 16, 2018