No. HB 847
Filed under Taxes & Budget.
Research and Development Tax Credit; Increases combined total amount of credits which may be granted to business enterprises during any calendar year.
Plain English Summary
AI-GENERATEDThe bill increases the maximum total amount of research and development tax credits the state can grant to all businesses in a single calendar year.
It removes a specific, temporary exception that had previously set a lower cap for the 2018 tax year.
The new $50 million limit applies to the 2027 allocation of tax credits, which covers expenses incurred in 2026.
If the total credits requested by all applicants exceed the $50 million cap, the available credits are distributed on a prorated basis.
AIIncreases the maximum total amount of tax credits that can be granted to all businesses in a single calendar year from $9 million to $50 million.
AIDeletes the special provision that limited the total amount of tax credits awarded in the 2018 calendar year to $16.5 million.
AISpecifies that the increased $50 million cap first applies to the 2027 allocation of tax credits for expenses incurred in 2026.