CT SB00303

Extends the research and experimental expenditure tax credit to pass-through entities (S corporations, partnerships, and single-member LLCs) effective for income and taxable years commencing on or after January 1, 2014

Allows shareholders or partners of pass-through entities to claim a credit equal to twenty percent of research and experimental expenditures conducted in Connecticut that exceed the previous year's spending

Permits unused credits to be carried forward for up to fifteen years until fully utilized

Maintains existing credit provisions for biotechnology companies with income years commencing between January 1, 1997 and January 1, 2000

Takes effect July 1, 2014, and applies to income and taxable years commencing on or after January 1, 2014