As you’re thinking about your taxes for the past year, you need to check out this great gift from the State of Maryland. They’re offering a tax credit if you purchase cybersecurity products and services from a Maryland Cybersecurity Company listed as an authorized seller. Hill Tech Solutions in Baltimore is an authorized seller.
It provides an incentive for Qualified Maryland Companies to purchase cybersecurity technologies and services and take a 50% tax credit off the net purchase price. You must claim the tax credit for the year that the purchase was made. The tax credit is designed to help small businesses purchase cybersecurity technologies and services from Maryland cybersecurity companies to protect business information.
The tax credits are limited to the funding that’s available for the Department of Commerce. The funding is earmarked at a rate of 25% for cybersecurity services and 75% for cybersecurity technology.
Currently, $1.5 million in funds is available through the Department of Commerce for cybersecurity technology while $500,000 has been set aside for cybersecurity services.
Important Note: If you wait, others will get the credits, and you may miss out. A 50% tax credit can save a lot of money on cybersecurity services and products, so you shouldn’t put this off. Maryland Commerce is accepting applications now.
You must submit your completed application to the Maryland Department of Commerce. Once approved you will be eligible to claim a tax credit for 50 percent of the cybersecurity purchases you make from Hill Tech Solutions. The tax credit is capped at $50,000 for purchases up to $100,000.
The Maryland Department of Commerce has totaled $2 million in funding for the tax credit. Once the funding runs out, you won’t be able to take advantage of the tax credit.
To be eligible for the tax credit, you must make your purchases before December 31st. With only a few days left in December, now is the time to apply.
And it’s not too early to look at your technology budget for 2019 and start making plans for your cybersecurity products and services.
Submit your application to Maryland Commerce now. Once you’re approved, Hill Tech Solutions can help you decide what cybersecurity products and services best meet your needs.
To set up an appointment to secure your Cybersecurity Tax Credit, contact Hill Tech Solutions in Baltimore at https://www.hill-tech-solutions.net/it-security-baltimore/, call (410) 671-5780 or email [email protected]