Increases qualified research expenses tax credit for corporation business taxpayers engaged in targeted industries; increases basic research payment tax credit; allows research tax credit to be refundable.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the qualified research expenses tax credit for corporations in targeted industries, raising the percentage from 10% to 15% for businesses primarily located in those industries. It also increases the basic research payment tax credit from 10% to 15%. A key provision is that the research tax credit can now be refundable, allowing taxpayers to receive a cash payment for unused credits. The bill also clarifies definitions related to the credit and expands the list of industries considered ‘targeted.’
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