An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in research and development tax credit, further providing for definitions, for credit for research and development expenses and for limitation on credits.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the existing Research and Development (R&D) tax credit within Pennsylvania’s tax code. It sets a limit on the total amount of credits that can be approved annually, with a portion specifically designated for small businesses. If one group of applicants doesn't use their full allocation, the unused funds become available to the other group.
Key provisions
- Establishes a cap of $120 million on the total R&D tax credit available annually.
- Allocates $24 million of the total credit specifically for small businesses.
- If one group of applicants doesn't use their full credit allocation, the unused funds are made available to the other group.
- The bill amends Section 1709-B(a) of the Tax Reform Code of 1971.
Who is affected
- Businesses engaged in research and development activities
- Small businesses
- Pennsylvania taxpayers
Notable changes
- Increases the overall cap on the R&D tax credit.
- Introduces a dedicated allocation for small businesses within the credit.
Bill text
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Document of record
- Version
- Pn 0903 Html
- Published
- Not published in the source record
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Sponsors
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9 on record
Primary sponsor
Cosponsors
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