CT SB00157

Creates a 6% tax credit against Connecticut income tax for research and development expenses paid or incurred by taxpayers during the taxable year, effective January 1, 2025

Allows shareholders or partners of S corporations and partnership entities to claim the credit, and permits single-member LLCs to pass the credit to their owners if subject to Connecticut income tax

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

Caps the aggregate amount of all credits allowed by the Commissioner of Revenue Services at $5 million in any fiscal year

Authorizes the Commissioner of Revenue Services to adopt regulations to implement the credit provisions