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CT HB06932

Bill

Official Source

Status

Introduced

4/6/2023

Primary Sponsor

Finance, Revenue and Bonding Committee

Click for details

Origin

House of Representatives

2023 General Assembly

AI Summary

  • Increases credit refund rate for biotechnology companies from 65% to 80% of credit value when exchanging unused credits with the state, effective July 1, 2023
  • Applies to qualified small businesses with no tax liability that qualify for credits under sections 12-217j or 12-217n and elect to exchange credits for refunds
  • Maintains 65% refund rate for non-biotechnology qualified small businesses; biotechnology companies receive the enhanced 80% rate
  • Defines "biotechnology company" by reference to section 12-217j and "qualified small business" as companies with gross income not exceeding $70 million in the previous year
  • Preserves existing refund limitations: $1 million maximum for income years 2000-2001 and $1.5 million maximum for income years 2002 and thereafter

Legislative Description

An Act Increasing The Rate Of The Credit Refund Value For Certain Expenditures By Biotechnology Companies.

Last Action

File Number 718

5/4/2023

Committee Referrals

Finance, Revenue and Bonding4/6/2023

Full Bill Text

No bill text available