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News Release, eTrepid
Mechanicsville, MD – March 27, 2020 – eTrepid, a veteran-owned company focused on empowering businesses to compute with clarity, has been named one of 26 Qualified Maryland Cyber Sellers by the Maryland Department of Commerce. This achievement comes after a rigorous vetting process demonstrating key security items that have been successfully implemented within the company. The overall process took six months for the company to complete including an in-depth application process, as well as a financial and service review requiring the submission of over 100 documents to prove business stability.
The achievement allows Maryland’s small businesses to take advantage of an available Buy Maryland Cybersecurity Tax Credit when utilizing services and technologies or making purchases as long as the company has less than 50 employees, $5 million in revenue and utilizes a Qualified Cyber Seller such as eTrepid. Qualified Maryland companies can now claim a tax credit of up to $50,000 in a single tax year for cybersecurity technologies and services or apply for a credit of up to $100,000 in cybersecurity purchases. eTrepid clients qualified for an estimated total of $250,000.00 in 2019.
The credit was established to assist small businesses in their endeavor to protect business information while at the same time enhancing Maryland’s Cybersecurity Industry. Suitable technologies for the credit are designed to protect information systems, electronically stored data or information, as well as information transfers between systems, including goods and products focused on distinguishing and/or blocking:
- Unauthorized access to information systems, stored data, and information, and the transfer of data and information;
- Data exfiltration or extrusion; or
- Manipulation or impairment to the integrity, confidentiality, or availability of data and information stored or transferred by an information system.
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The Maryland Department of Commerce has $4 million available for tax credits in 2019,
$3 million dedicated to cybersecurity technologies while $1 million will be given for purchases related to cybersecurity services. A single Qualified Maryland Cybersecurity Seller such as eTrepid can have up to $400,000 in sales benefits for tax credits in a single tax year. However, provided funding from the program is subject to what may be available by the Department of Commerce and is given on a first come first serve bases.
eTrepid is the only cybersecurity company qualifying in the Southern Maryland Tri-county area according to the Maryland Department of Commerce website listing. The award-winning company also holds a CompTIA Certification, is a Microsoft Partner and Tier 1 Government Cloud Solution Provider, MDMEP Partner, member of the Cybersecurity Association of Maryland, and supply’s Cyber Liability Insurance up to $5 million, as well as Crime Insurance up to $100,000.
More information regarding the Buy Maryland Cybersecurity Tax Credit can be found on the Maryland Department of Commerce website. For information on how to take advantage of tax credits through eTrepid call (301) 259 – 3332 or email info@eTrepid.com.