Bob Ehrlich's Failed Biotech Record

[Guest Rick]

Bob Ehrlich has a short memory when it comes to his failed record on Maryland's biotech industry, and now he wants to take credit for Martin O'Malley's pro-jobs agenda supporting Maryland's growing Biotech businesses and entrepreneurs.

 

In 2004, Bob Ehrlich panned the Biotechnology Investment Incentive Act (HB 57 and SB 124) introduced by Delegate Brian Feldman and Senator Jennie Forehand and the legislation failed to become law.

 

In 2005, it wasn't Bob Ehrlich, but Feldman and Forehand who again introduced the BioTechnology Tax Credit legislation. Ehrlich supported their bill only after a more limited bill introduced by Ehrlich failed. Delegate Feldman noted significant differences between his bill and Ehrlich's failed bill.

 

Bob Ehrlich may have a short memory, but it wasn't Bob Ehrlich who led the way on Maryland's BioTechnology Tax Credit in 2005.

 

In stark contrast to Ehrlich's failed record, Governor O'Malley has been a champion for Maryland's emerging Biotech industry since the day he took office.

 

In 2008, Governor O'Malley signed the re-authorization of the Biotechnology Investment Incentive Act which provides a refundable tax credit of up to 50% of an investment for Maryland biotech companies.

 

According to the Baltimore Sun, "fourteen Maryland biotechnology companies tapped nearly $6 million in new funding from investors who qualified for a state tax credit" in 2010.

 

Governor O'Malley launched the BIO 2020 initiative, a $1.3 billion plan for growing the biotechnology industry in Maryland, and has worked with the Maryland General Assembly to increase funding for the Biotechnology Tax Credit from $6 million to $8 million in the next fiscal year.

 

Governor O'Malley also created the InvestMaryland initiative, a public-private partnership aimed at spurring investment and creating jobs in Maryland's growing Innovation economy. This initiative will create thousands of jobs and secure $100 million in venture capital to unlock hundreds of millions and perhaps billions of dollars in economic activity.

 

Governor O'Malley was named 2010 BIO Governor of the Year for his outstanding leadership in growing and promoting Maryland's biotechnology industry. Under Governor O'Malley's plan, Maryland established the Maryland Biotechnology Center, growing Maryland's technology incubator network and increasing technology transfer and intellectual property valuation.

 

As a testament to his leadership and focus on job creation for the 21st Century, the U.S. Chamber of Commerce ranked Maryland #2 in the country for Entrepreneurship and Innovation.

 

Specifically, the U.S. Chamber study "highlights how Maryland is playing a pivotal role in fostering the conditions for job growth through strong private scientific research and design services, the launch of the Maryland Export Initiative, and implementation of several entrepreneur and science, technology, engineering, and math (STEM) educational programs."

 

Governor O'Malley created the Maryland Export Initiative tasked with increasing export assistance to our small businesses, creating jobs and leveraging the resources of existing federal and nonprofit partners. Governor O'Malley also led the effort to create the nation's first International Business Incubator to create opportunities for Maryland businesses by providing them with the resources and assistance they need to achieve successful joint ventures with international companies.

 

Since taking office in 2007, Governor O'Malley has been a champion of increasing STEM programs in our public schools helping to earn Maryland a #1 ranking for our public schools.

 

Governor O'Malley has laid out a comprehensive plan for the future of public education in Maryland, including... Reinvigorating our Career and Technology Education and Science, Technology, Engineering and Math (STEM) programs statewide and launching the comprehensive Maryland STEM Innovation Network to promote the delivery of high quality STEM education at all levels throughout the state.

 

Bob Ehrlich may have a short memory, but its Martin O'Malley moving Maryland's biotech businesses forward.