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O’Malley Announces $100M Tax Credit Program

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ANNAPOLIS, Md. (AP) — Gov. Martin O’Malley is pushing for a $100 million initiative to promote high-tech industry in Maryland.

O’Malley made the “Invest Maryland” program a part of his legislative agenda on Monday. The program would offer tax credits to insurance companies at a discounted rate of exchange for investing in the initiative.

The administration hopes to generate $100 million in venture capital to encourage companies to grow in Maryland and create jobs.

Money from insurance companies would go into selected venture capital firms.

In his second inaugural address last week, O’Malley said the state must focus on the job-creating potential of by supporting businesses in the life sciences, biotechnology, aerospace and cyber security.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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