The budget agreement passed by Maryland lawmakers earlier this month includes funding for several initiatives in support of Gov. Martin O'Malley's plan to invest more than $1 billion over ten years in Maryland's biotechnology industry. Declining state revenues as a result of the recession were not without their impact, however.
A key component of the Bio 2020 Initiative is the state's investment in stem cell research. To this end, lawmakers approved $15.4 million for the Maryland Stem Cell Research Fund administered by the Maryland Technology Development Corporation (TEDCO). This appropriation is $2.6 million less than the total funds available in FY09 and $3 million less than the governor's recommendation. TEDCO also will receive the governor's full recommendation of $3.7 million ($600,000 less than last year) for technology development, transfer and commercialization.
The Maryland Biotechnology Investment Tax Credit Reserve Fund received the governor's full request of $6 million in FY10. The program encourages private investment in biotech firms by providing a 50 percent tax credit to investors.
In support of Bio 2020, $4.7 million is included for the Maryland Biotechnology Center to showcase and support biotechnology innovation and entrepreneurship for the state, and $500,000 was approved for the Nanotech Biotechnology Initiative Fund ($1 million less than last fiscal year).
Following the legislature's $16 million higher education appropriation intended to freeze tuition for undergraduates, the Maryland Board of Regents voted last week to approve the measure that will keep tuition level for a fourth consecutive year.
The enrolled version of FY10 operating budget is available at: http://mlis.state.md.us/2009rs/bills/hb/hb0100e.pdf.