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2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: McPike
Increase Research and Development Expense Tax Credit (SB 1048) (language only)

Item 0 #19s

Item 0 #19s

Revenues
Revenues

Explanation

(This amendment accompanies Senate Bill 1048, a bill reducing the aggregate cap on the major research and development expenses tax credit granted for each fiscal year from $24.0 million to $16.0 million, and increasing the aggregate cap on the research and development expenses tax credit granted for each fiscal year from $7.77 million to $15.77 million, beginning in taxable year 2023. This amendment assumes no general fund revenue reduction since Senate Bill 1048 proposes to reduce the major research and development expenses tax credit by $8.0 million in the second year to increase the research and development expenses tax credit by $8.0 million in the second year.)