MD DoD Contractors rush to claim $50k in Tax Credits and $12.5K in Cybersecurity Grants Before Year-end

When evaluating options for implementing cybersecurity requirements, businesses often realize a lack of available funding to achieve their goals. Fortunately, DoD contractors in Maryland may qualify for cybersecurity grants and tax credits.

By the end of this year, Maryland DoD companies can claim up to $50,000 in tax credits and $12,500 in cybersecurity grants to purchase cybersecurity technologies and services through eTrepid, a qualified Maryland Cybersecurity Company. These initiatives are offered by

the Buy Maryland Cybersecurity (BMC) Tax Credit and the Maryland Defense Cybersecurity Assistance Program (DCAP).

Maryland Thanks You for Your Service

In recognition of the $57.4 billion in state economic impact provided by you and other defense contractors, Maryland wants to help you comply with the federal regulations necessary to continue providing services to the Federal Government.

The BMC tax credits and DCAP grants have been allocated for cybersecurity services, solutions, and upgrades. They may be applied directly to IT and network security enhancements or reinforce other cybersecurity challenges by establishing or strengthening your security posture.

About the BMC Tax Credit

With more than 9000 aerospace and defense contractors in Maryland alone, you need to hurry. The BMC tax credit is awarded on a first-come, first-served basis subject to funding available to the Department of Commerce.

The Buy Maryland Cybersecurity Tax Credit provides an incentive for Qualified Maryland Companies to purchase cybersecurity technologies and services from eTrepid, a Qualified Maryland Cybersecurity Seller.

About DCAP Grants

Funded by the Department of Defense's Office of Economic Adjustment (OEA) through the Maryland Department of Commerce and coordinated by the Maryland Manufacturing Extension Program (MD MEP), DCAP provides funds and assistance for Defense Contractors to comply with the DFARS and NIST 800-171 Standards for cybersecurity.

How much DCAP & BMC assistance is available?

BMC Tax Credit - Qualified Maryland companies claim a tax credit for 50% of the net purchase price of cybersecurity technologies and services purchased from eTrepid. The tax credit must be claimed for the tax year in which a purchase is made.

BMC Breakdown:

25% of the annual funding amount geared toward cybersecurity service purchases and the remaining 75% allocated for cybersecurity technology purchases.

How much grant funding is available through DCAP?

Up to $12,500

DCAP Breakdown:

$2,500 for Gap Analysis: Funding is available to reimburse $2,500 of NIST SP 800-171 Gap Analysis costs.

$5,000 for Remediation: Funding is available to reimburse $5,000 of NIST 800-171 Remediation Services costs.

$3,000 for Tools, Hardware, and Software: Funding is available to reimburse $3,000 of tools, hardware, and software costs required during the remediation phase.

Do You Qualify?

BMC - To be eligible for the BMC tax credit, you must have fewer than 50 employees in Maryland and be required to file an income tax return in Maryland.

DCAP - If you are a defense contractor with a physical location in Maryland and 10% or more of your business is related to the Department of Defense or have a contract/procurement request for compliance, you can receive DCAP funding!

Application

As a qualified Maryland Cybersecurity Company, eTrepid has a seamless process that not only assists DoD contractors with their BMC Tax Credit and DCAP application, but we also provide the Gap Analysis, Remediation, and Security Monitoring required in NIST 800-171.

There's not much time to take advantage of this assistance, you must apply before the end of 2020.

A gap analysis is all you need to get started. Schedule yours by calling (301) 259-3332 or click here. We'll take care of the rest. For more information, register for A Roadmap to Cybersecurity on September 22nd at 11:00 AM EST to gain more information and answer any lingering questions you may have. Also, gain information on how you can gain $22,000 worth of free services before December 31st.

 

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