TCM News

For Immediate Release
Contact:
Brian Levine
TCM
Senior Director of Government Relations
240-243-4044

Tech Council of Maryland/MdBio Releases Review of the 2007 Maryland General Assembly Session for Technology and Biotechnology Businesses

 

(Rockville, MD)- April 24, 2007 -The Tech Council of Maryland/MdBio (TCM) released its 2007 Annapolis Report, which outlines the association's accomplishments from the recently completed session of the Maryland General Assembly from a technology and biotechnology business perspective.

In biotechnology, TCM helped secure the full $6 million FY2008 funding for the Biotechnology Investment Incentive Act, which will attract early stage capital investment to Maryland's life science companies. Funding for stem cell research, which TCM strongly supported, was approved at $23 million, $8 million higher than last year's funding. TCM successfully advocated on behalf of Governor Martin O'Malley's initiative to create the Maryland Life Sciences Advisory Board. The Board will work to focus on improving Maryland's biotechnology industry through industry collaboration and strategic planning.

For technology, TCM helped secure passage for legislation that encourages broadband development in Maryland by prohibiting excessive regulation. TCM also supported successful legislation that provides a tax credit for companies locating in publicly-sponsored incubators, which exist to encourage collaboration and entrepreneurship for growing companies.

Other legislative victories for businesses included no adverse changes to the corporate tax climate, defeat of drug importation legislation and prescription privacy data legislation that would have harmed Maryland's pharmaceutical industry and defeat of a net neutrality bill that would have discouraged investment in broadband deployment in Maryland.

A major disappointment was failure to increase caps for the existing Maryland Research and Development Tax Credit.

"The 2007 session was a good session for Maryland's technology economy, especially for life sciences companies, said Julie Coons, CEO of the Tech Council of Maryland/MdBio. "TCM has a full-time government relations staff that was able to help secure approval for a number of initiatives like increased stem cell research funding and the creation of the Maryland Life Sciences Advisory Board. These successes will have a positive impact on the biotechnology industry for years to come."

Download the Annapolis Report.

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The Tech Council of Maryland/MdBio's mission is to serve as the preeminent technology think-tank where executives discuss ideas, innovate and solve technology issues that lead to more business. Tech Council of Maryland/MdBio members are from industry, government, academia and the service provider industry and provide environment where technology companies meet, learn and collaborate and to be Maryland's best technology networking organization. The Tech Council of Maryland/MdBio has more than 500 member companies representing more than 200,000 forward thinkers throughout the state.

The Tech Council of Maryland/MdBio is supported in part by a grant from Maryland's Department of Business and Economic Development (DBED).