Maryland Businesses – Do you qualify for a cybersecurity tax credit?

Nov 18, 2022 | Blog, continuous monitoring, Cybersecurity, risk assessment, Security Awareness Training | 0 comments

The Buy Maryland Cybersecurity (BMC) Tax Credit provides an incentive for Maryland companies to purchase cybersecurity services from a Qualified Maryland Cybersecurity Seller (QMCS). Maryland companies that qualify may claim a tax credit for 50% of the net purchase price of cybersecurity technologies and services purchased from a Qualified Maryland Cybersecurity Seller. The tax credit must be claimed for the tax year in which a purchase is made.

Find out more at https://commerce.maryland.gov/fund/programs-for-businesses/buy-maryland-cybersecurity-tax-credit.

With last week’s mid-term elections, we know there is a change in the state’s governor, which means there are no guarantees the BMC program will continue past the end of the year.

Also, some sellers have already reached their statutory cap for tax year 2022, and Commerce will no longer be able to award tax credits to buyers who made purchases from those sellers in tax year 2022.

Fortunately, Duffy Compliance, as a seller, can still provide tax credits to buyers for the rest of 2022.

Some things to consider buying from now until the end of the year:

  • Penetration Testing
  • Continuous Monitoring
  • Vulnerability Assessment
  • Annual Security Policy and Procedure reviews
  • Compliance Gap Analysis
  • Security Awareness Training
  • Phishing Tests

How it works is that you pay for the services you need, and the BMC program will fund 50% of the purchase price – but only while funds remain for 2022.

Reach out to Duffy to get started and save up to 50% on cybersecurity services you may still need… or even for work to be done next year.