2014 Session Legislative Wrap-Up April 24, 2014
Administration/DBED Legislative Priorities SB 570 - Income Tax Credit - Qualified Research and Development Expenses - Credit Amounts – Increases the statutory cap on the R&D Tax Credit from $8M to $9M HB 468 - Maryland Economic Development Assistance Fund - Training and Technology Projects (Failed) – Alters the permissible use of financial assistance from MEDAAF 1
Fiscal Year 2015 Operating Budget FY15 Budget totals $38.9B • DBED Preliminary Appropriation - $161.2M reflecting a $592K reduction to budget allowance; – Increase of $3.1M from FY 2014 • Funding Highlights: - MEDAAF $27.5M (includes $8.4M GF) - Biotech Tax Credit $12M ($2M increase) - MD Innovation Initiative (TEDCO) - $5M - Stem Cell Research (TEDCO)- $10.4M - EARN (DLLR) - $4.5M - Cyber Tax Credit $4M ($1M increase) 2
FY 2015 Capital Budget Projects • East Baltimore Biotechnology Park $5M • High Performance Data Center (JHU) $15M • National Cyber Center of Excellence (NCCoE) $2M • MDBio Foundation $200,000 for 2 nd BioLab 3
Joint Legislative Agenda for Business and Economic Development • SB 600/ HB 742 - Regional Institution Strategic Enterprise Zone Program (RISE) • SB 601/ HB 741 - Business and Economic Development - Maryland E-Nnovation Initiative Program • HB 739 - Maryland Estate Tax • Private Sector Economic Development Commission 4
Joint Legislative Agenda for Business and Economic Development RISE Zones • An economic development and revitalization incentive program administered by DBED that provides property tax credits, income tax credits and priority consideration for assistance from State’s economic development programs • Intent is to leverage institutional assets – regional higher ed centers, higher ed institutions or nonprofit organizations affiliated with a federal agency - as anchors to revitalization and business investment • “Business Concierge” to assist businesses with navigating permitting/licensing requirements and assist with accessing DBED, DHCD, DLLR, MDOT and TEDCO programs 5
Joint Legislative Agenda for Business and Economic Development E-Nnovation • Establishes the MD E-Nnovation Initiative Program; the MD E- Nnovation Initiative Fund Authority and the MD E-Nnovation Initiative Fund in DBED • FY16-FY21 distributions to fund must equal $8.5M annually • Requires private sector matching donations • Fund will be used to finance research endowments at nonprofit institutions of higher education in scientific/research fields • 7 member authority will provide advice on program admin. 6
Joint Legislative Agenda for Business and Economic Development Estate Tax Recouples the Maryland Estate Tax to the federal level Incrementally moves the threshold at which estates are taxed from $1M to $5M 7
Joint Legislative Agenda for Business and Economic Development Private Sector Commission on Economic Development • 20-member Commission chaired by Norman Augustine, former President of Lockheed Martin • Study the State’s economic development platform, including the existing structure and connectivity of DBED, MEDCO and TEDCO and make recommendations on: – Agency structure – Strengths and weaknesses of incentive and investment programs – State’s regulatory structure – Working relationships with local econ dev agencies, higher ed institutions, incubators, accelerators and other State econ dev agencies • Report due to General Assembly December 2014 8
Business Competitiveness Workforce Skills Training • SB 876/HB 811 – Education – Summer Career Academy Pilot Program – Establishes a summer career program in manufacturing for High School students who are struggling academically Technology Internships • HB 1317 – Higher Education Maryland Technology Internship Program – Establishes an Internship Program to connect college and university students, with small innovative businesses in the technology sector 9
Small Business/Regulatory SB 711/ HB 189 – Maryland Occupational Safety and Health Act – Chemical Information List – Submission, Maintenance, and Accessibility – Repeals the requirement that an employer submit a chemical information list to MDE HB 430 - Commercial Law - Patent Infringement - Assertions Made in Bad Faith – Prohibits a person from making an assertion of patent infringement in bad faith, with specified exceptions 10
Catalyzing Innovation and Growth Judy Britz, Ph.D., Executive Director
Governor O’Malley committed to $1.3 Billion Investment/10 Years BioMaryland 2020
Life Sciences Industry Proteomics Genomics Therapeutics Agriculture/Food BioManufacturing Bioinformatics BioDefense Environment Devices Diagnostics
CONNECTED GLOBALLY and 600 mi. REGIONALLY 500 mi. 400 mi. 300 mi. UNSURPASSED 200 mi. BUSINESS ACCESS: 100 mi. Air: BWI, Washington-Dulles & Reagan International Rail: AmTrak corridor Road: Multi interstate 95 Baltimore’s deepwater port Just two hour access to 80% of the U.S. pharmaceutical industry and more than 2,000 Same day or overnight biotechnology companies access to 1/3 of U.S. industry, markets, and population
UMD- ACES ECBC USAMRIID USAMRMC NIBC, NBACC, NCI JHU UMBC MD DBED JHU APL FDA UMB-SOM, IHV UMD JCVI NIST UMCES FDA CVM USUHS FDA CFSAN BARC WRAIR USDA UMCP MDA NIH VMRCVM GTU GWU
Maryland’s Unique Assets • National Institutes of Health (NIH) • Food and Drug Administration (FDA) • Center for Medicare and Medicaid Services (CMS) • Center for Excellence in Regulatory Science (CERSI) • Food Safety and Inspection Service (FSIS) • Federal Labs: Biodefense and Human Health • Johns Hopkins University • University of Maryland System
500 BioCompanies • Focus: 50% Drug Development • 25% Medical Devices/Diagnostics • 25% CROs/Research Tools 34,000 Employees • Average Salary: $91,100 $10 Billion in Revenues
• Increase Access to Capital • Connect Entrepreneurs with Resources • Grow jobs in the BIO industry • Assist Translation Of Research to Products • Other • Provide Business Plan Feedback • Identify Partners, Collaborators and Clients • Match Training and Workforce
MD STEM Cell Research Fund MD Innovation Initiative (MII) Phase II Phase I Phase III Tech. Commercialization Fund Technology Validation Program Patent Assistance Program Angel Affinity Funds Maryland Industrial Partnerships (MIPS) Translational Research Award Biotechnology Commercialization Award KEY: Biotechnology Tax Credit TEDCO Cybersecurity Tax Credit USM BMC Research and Development Tax Credit DBED MD Venture Fund Universities Companies Basic Research Translational Research Product Development
Cumulative Investment • BioMaryland Award Programs: $7M • Maryland Innovation Initiative: 10.8M • Biotechnology Tax Credits: $48M • Invest Maryland: $84M/3yrs • Stem Cell Funding: ~$100M • R&D Tax Credit: >$30M
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San Diego June 23-26, 2014
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