1:45 min read
Every once in a while in the annals of cybersecurity there is news that isn’t a warning about the newest breach or the release of the latest patch. In this case the news is good for Maryland buyers of cybersecurity.
The General Assembly of Maryland, on April 9th, passed the Cybersecurity Investment Incentive Tax Credit Bill (SB 228). It provides for “…authorizing certain buyers of certain technology to claim a credit against the State income tax for certain costs; providing that the credit may not exceed certain amounts under certain circumstances; requiring the Secretary of Commerce to approve each application that qualifies for a credit…For any taxable year, the credit allowed…may not exceed $50,000 for each qualified buyer.” (LegiScan)
The cyber incentive bill is unique in its agency and platform. Simply restated, it provides a credit for buyers of cybersecurity services and products from Maryland companies. “This is a first-in-the-nation legislation and we’re looking forward to some really great successes,” said Senator Guy Guzzone (D), primary sponsor of the bill. Cosponsoring were Senators Adelaide Eckardt (R), George Edwards and Andrew Serafini (R).
Cybersecurity is this century’s absolute fact of life. For any business, coupled with the necessity for security is the budget available to fund a flexible, strategic cyber plan. Any financial assistance in obtaining services or products is a welcome support and boost to doing business.
Qualified buyers may claim a credit on their state income tax up to 50% of the cost of the technology or service purchased from qualified sellers. As a qualified seller, we are excited to be able to share in this opportunity.
“Our focus has been strictly cybersecurity for over 16 years now and this legislation is a first and is a great help to businesses. Anchor looks forward to putting our experience to use helping small businesses improve their security posture,” said Anchor Technologies’ CEO, Peter Dietrich.
Cybersecurity is a necessity. A plan for what to implement and when keeps businesses on track in protecting their important data. Knowing one does not having to worry about whether the company’s data is as secure as possible allows owners to concentrate their efforts of conducting and growing a business. Thank you to the state legislators for helping to empower small business in Maryland.