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The state Senate has passed a bill that requires multiple state agencies to study the impact of expanding research and development tax credits to small businesses.
The bill, Senate Bill 351, would direct the state Department of Economic and Community Development, in consultation with the state Department of Revenue Services, to study the possibility of extending R&D tax credits to pass-through entities including LLCs, sole proprietorships, and S-corporations.
The bill now heads to the House for further consideration. The legislative session ends May 4.
According to state Sen. Joan Hartley (D-Waterbury), co-chair of the Commerce Committee, the bill received support from groups such as ManufactureCT, Connecticut Business & Industry Association’s Bioscience Growth Council and Greater New Haven & Quinnipiac Chambers of Commerce.
Those groups testified that extending the tax credits would help support the growth of small manufacturers in the state that might not have the capital or workforce to invest in R&D initiatives.
Connecticut’s R&D tax credits range from 1% to 6% of a company’s total R&D investment in a given year. Companies can claim those credits against their state income tax liability, or if the value of the credits exceeds their tax liability, they can carry the credits forward into future tax years, while smaller companies can sell them back to the state at 65% of their value.
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