Yesterday the Senate unanimously approved SB 570, which would triple the funding for the state’s R&D income tax credit. Although authorized funding would increase from $6 million to $18 million for credits certified after this year, provisions of the bill that would have allowed small businesses to receive a refundable credit were deleted from the legislation.
The program has provided credits reimbursing 284 companies for qualifying research and development costs since the credit was created in 2000. The Senate bill and the House crossfile (HB 943) await action in the House Ways & Means Committee. For further information contact Ron Wineholt at .(JavaScript must be enabled to view this email address).
About Ronald W. Wineholt