HB 3253

Abstract

Creates income and corporate excise tax credits for investments in facilities used for manufacturing, siting of headquarters or research. Enhances credit amount for facility that provides environmental benefit. Creates income tax credit for adding net full-time employment positions. Restores corporate excise tax credit allowed for qualified research activities and sets increased maximum credit amount. Uses tiered credit percentages based on amount of increase in qualified research expenses. Provides for refundability of credit for taxpayer with fewer than 150 employees. Increases maximum amount of alternative qualified research credit allowed to taxpayer with insufficient increase in research expenses to claim standard credit. Exempts from commercial activity subject to corporate activity tax amount of qualified research credit allowed against corporate excise tax. Applies to tax years beginning on or after January 1, 2024, and before January 1, 2030. Extends sunsets of certain programs providing economic incentives. Appropriates moneys for deposit in Small Business Expansion Loan Fund. Takes effect on 91st day following adjournment sine die.