BALTIMORE (AP) — A Maryland agency has chosen a group to oversee the auction of tax credits to raise up to $70 million to help start-up companies in the state.

The Maryland Department of Business and Economic Development said Thursday that the Grant Street Group will oversee the auction of tax credits to insurance companies operating in the state.

It will work with the Maryland Venture Fund Authority, which was named last year to oversee the administration of the InvestMaryland program.

After the tax credit auction, private venture capital firms can begin making investments by mid-2012. Insurance companies will be able to claim tax credits beginning in 2015.

The InvestMaryland initiative was a priority of Gov. Martin O’Malley’s in the last legislative session.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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