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Buy Maryland Cyber Tax Credit Opens

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The Maryland Department of Commerce is accepting applications for the new Buy Maryland Cybersecurity Tax Credit, designed to encourage small businesses to purchase cybersecurity technologies and services from qualified Maryland cybersecurity companies. The tax credit passed during the 2018 legislative session.

To register as a Qualified Maryland Cybersecurity Seller (QMCS), Maryland companies must meet certain criteria and submit an application to Maryland Commerce. Once approved, QMCS are listed on the Department of Commerce website, gaining exposure to prospective buyers and generating additional sales.

Once qualified, the buyer is eligible to claim a tax credit for 50 percent of the purchase price of cybersecurity technologies and services bought from a QMCS. The credit, which must be claimed for the tax year in which the purchase is made, is capped at $50,000 for purchases of up to $100,000. To be eligible for the tax credit in 2018, approved purchases from a QMCS must occur by Dec. 31.