At remarks made this morning at a conference in Rockville, Gov. Martin O'Malley was expected to announce an administrative and legislative initiative to spur venture capital investment in Maryland's technology sector.

The program is called "InvestMaryland" and it will be run by the Maryland Department of Business and Economic Development.

The governor called it "a public-private partnership to fuel venture capital investment in our innovation economy, such as bioscience companies," according to prepared remarks given to The Baltimore Sun.

How will it work? According to O'Malley:

Insurance companies will be eligible for state issued tax credits and in turn they would invest dollars today in Maryland’s venture infrastructure. These credits will be deferred until 2015. A minimum of half these investments will flow into the Maryland Venture Fund. The balance will flow into Maryland based venture capital firms for the purposes of getting critical capital to Maryland businesses so they can create jobs and advance innovation in fields like the biosciences.