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 2nd 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 ENnovation 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 Genomics Proteomics Therapeutics Agriculture/Food BioManufacturing Bioinformatics Devices BioDefense Diagnostics Environment CONNECTED GLOBALLY and REGIONALLY 600 mi. 500 mi. 400 mi. 300 mi. 200 mi. 100 mi. UNSURPASSED BUSINESS ACCESS: Air: BWI, Washington-Dulles & Reagan International Rail: AmTrak corridor Road: Multi interstate Baltimore’s deepwater port Same day or overnight access to 1/3 of U.S. industry, markets, and population 95 Just two hour access to 80% of the U.S. pharmaceutical industry and more than 2,000 biotechnology companies UMDACES ECBC USAMRIID USAMRMC NIBC, NBACC, NCI JHU UMBC MD DBED JHU APL FDA JCVI UMB-SOM, IHV UMD NIST UMCES FDA CVM USUHS FDA CFSAN BARC WRAIR USDA NIH GTU GWU UMCP VMRCVM MDA 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 I Phase II Phase III Tech. Commercialization Fund Technology Validation Program Patent Assistance Program Angel Affinity Funds Maryland Industrial Partnerships (MIPS) Translational Research Award KEY: Biotechnology Commercialization Award Biotechnology Tax Credit TEDCO USM Cybersecurity Tax Credit BMC Research and Development Tax Credit DBED MD Venture Fund Universities Basic Research Translational Research Companies Product Development Cumulative Investment • • • • • • BioMaryland Award Programs: $7M Maryland Innovation Initiative: 10.8M Biotechnology Tax Credits: $48M InvestMaryland: $84M/3yrs Stem Cell Funding: ~$100M R&D Tax Credit: >$30M FREE Access to Market Research Resources San Diego June 23-26, 2014 Website Hits Finland Ukraine Netherlands Poland Iceland Czech Republic Belgium Germany Irelan Bulgaria d United Kingdom France Switzerland Spain Canada United States Bermuda Russia Kazakhstan Turkey Israel Portugal Italy Morocc o The Bahamas Dominican Republic Puerto Rico U.S. Virgin Jamaica Cuba Barbado sVenezuela Guatemal a Costa Rica Panama Columbi Ecuador a Algeria Libya India Sudan Ghan a Nigeri Cameroon a Brazil Angol a Namibi a Argentina Chile Uruguay China Iraq Iran Egypt Islands British Virgin Côte d'Ivoire Islands Bolivia Mongolia U.A.E. 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