CT HB05488

Establishes a 6% tax credit against Connecticut income tax for research and development expenses paid or incurred by taxpayers during the taxable year, effective for tax years beginning January 1, 2023.

Allows shareholders or partners of S corporations and partnership entities to claim the credit, and permits single-member limited liability companies to pass the credit to their owners if the owner is subject to Connecticut income tax.

Defines "research and development expenses" using the same meaning as provided in section 12-217n of the general statutes.

Authorizes the Commissioner of Revenue Services to adopt regulations to implement and carry out the purposes of this tax credit.

Effective date is October 1, 2022.