SB 110

Abstract

Research and development tax credits; sunset; aggregate caps. Extends the sunset date for both the research and development expenses tax credit and the major research and development expenses tax credit from January 1, 2022, to January 1, 2025. Beginning with taxable year 2021, the bill increases the aggregate cap of the research and development expenses tax credit from $7 million to $7.77 million and increases the aggregate cap of the major research and development expenses tax credit from $20 million to $24 million. For both credits, the bill moves back the annual deadline for applications for the credit from July 1 to September 1. This bill is identical to HB 748.

Research and development tax credits; sunset; aggregate caps. Extends the sunset date for both the research and development expenses tax credit and the major research and development expenses tax credit from January 1, 2022, to January 1, 2030. Beginning with taxable year 2021, the bill increases the aggregate cap of the research and development expenses tax credit from $7 million to $8.4 million and increases the aggregate cap of the major research and development expenses tax credit from $20 million to $24 million. For both credits, the bill moves back the annual deadline for applications for the credit from July 1 to September 1.

Research and development tax credits; sunset;aggregate caps. Extends the sunset date for both the researchand development expenses tax credit and the major research and developmentexpenses tax credit from January 1, 2022, to January 1, 2027. Beginning with taxable year 2020, the bill increases the aggregate cap of theresearch and development expenses tax credit from $7 million to $10million and increases the aggregate cap of the major research anddevelopment expenses tax credit from $20 million to $40 million.For both credits, the bill moves back the annual deadline for applicationsfor the credit from July 1 to September 1.