CT HB06584

Establishes a tax credit equal to 6 percent of research and development expenses paid or incurred by a taxpayer during the taxable year against taxes imposed under chapter 229 of Connecticut general statutes.

Allows S corporations and partnership entities to claim the credit through their shareholders or partners rather than at the entity level.

Permits single-member limited liability companies disregarded as separate entities to claim the credit through their owners, provided the owner is subject to chapter 229 taxation.

Effective January 1, 2024, and applies to taxable years commencing on or after January 1, 2024.

Authorizes the Commissioner of Revenue Services to adopt implementing regulations.