TCM News

For Immediate Release
Contact:
Brian Levine
Director, Government Relations
240-243-4044

Tech Council of Maryland Releases Review of the 2006 Maryland General Assembly Session for Technology Businesses

 

(Rockville, MD)- May 16, 2006 -The Tech Council of Maryland (TCM) released its premier issue of the Annapolis Report, which summarizes from a technology business perspective, the 2006 session of the Maryland General Assembly. The Annapolis Report is used to enhance legislative communications between TCM, its members and tech industry. The report outlines the accomplishments for tech industry businesses during the 2006 session.

Most legislative achievements were claimed in the bioscience arena. Although efforts to enhance the existing Biotechnology Investment Incentive Act did not pass, the legislature approved $6 million for the program as well as $15 million for stem cell research.

Due to an improving economy and increased tax revenues, economic development enjoyed sizable budget increases after years of decline. Budget enhancements were realized in virtually every area including sizable increases for the Department of Business and Economic Development and the Maryland Technology Development Corporation.

Other legislative victories included: no adverse changes to the corporate tax climate, defeat of drug importation bills and failure of legislation that had unintended consequences for biomedical research.

A major disappointment for the tech industry was failure to increase caps for the existing Research and Development Tax Credit. TCM and other advocates were able to move the bill through the House, however, the bill did not pass the Senate.

"The 2006 session proved to be one of the most spirited sessions in recent memory for the business community. Overall, I think the technology business community has a number of victories on which to hang its hat," said Julie Coons, CEO of TCM. "TCM and its members plan to increase outreach and education efforts with decision makers in Annapolis in order to more strongly advocate for our industry. We have a great story to tell," said Coons.

Download the Annapolis Report 2006.

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The Tech Council of Maryland's mission is to serve as the preeminent technology think-tank where executives discuss ideas, innovate, and solve technology issues that lead to bigger business. Tech Council of Maryland 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 has more than 500 member companies representing more than 200,000 forward thinkers throughout the state.

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

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