Insurers as Venture Capitalists? Maryland Pondering Tax Credit Plan

Maryland Gov. Martin O’Malley has a new proposal aimed at boosting the amount of venture capital for businesses like bioscience companies.

The governor rolled out the proposal earlier this month during a speech to academic, business and government officials in Rockville.

The plan, which is called InvestMaryland, will require approval by the Legislature. Under the proposal, insurance companies would be eligible for state tax credits, if they invest in Maryland’s venture infrastructure. The money would be directed to Maryland-based venture capital firms to get money to businesses creating jobs in fields like biosciences and nanotechnology.