Eligible small businesses can seek cybersecurity tax credits using state-qualified sellers such as Summit

Summit Business Technologies (Summit) has been certified as a Qualified Cybersecurity Seller under a Maryland program to make cybersecurity more affordable for small businesses.

The Buy Maryland Cybersecurity Incentive Tax Credit program provides a state income tax credit for 50% of the net purchase price of cybersecurity technologies and services purchased from a qualified seller, such as Summit. To be eligible, Maryland small businesses must have fewer than 50 employees,

The state has allocated $4 million in cybersecurity tax credits for 2019, available on a first come, first served basis. An employer potentially could claim tax credits up to $50,000, or 50% of a $100,000 cybersecurity purchase.

“Nationally, more than 4 in 10 cyberattacks target small businesses,” said Mike Cohn, CEO of Summit Business Technologies. “From our own experience, we know how vulnerable Maryland small businesses are to cyber threats, which not only jeopardize their businesses but the state’s economic base. The tax credits are a tremendous opportunity to strengthen the stability and competitiveness of these employers.”

Eligible cybersecurity technologies include products and services to protect information systems, electronically stored data or information, and electronic data and information transferred between IT systems. This includes goods and products designed to detect and protect against:

• Unauthorized access to systems that store and transfer data
• Unauthorized export, theft, transfer or retrieval of data
• Manipulation or impairment to the integrity, confidentiality or availability of data and information stored on an IT system

According to the Small Business Administration’s profile of Maryland, small businesses make up more than 97% of all employers in the state. Firms with fewer than 100 employees have the largest share.

MD small businesses seeking guidance on eligible cybersecurity technology and services can contact our cybersecurity practice for more specific information. Summit Business Technologies is a Managed Security Services Provider with hundreds of clients in MD, DC and Northern VA.