CT SB00379

Increases the credit refund rate for biotechnology companies from 65% to 100% of the credit value when exchanging unused tax credits with the state due to having no tax liability.

Maintains the 65% refund rate for other qualified small businesses with gross income not exceeding $70 million.

Requires credit refund applications to be filed with the Commissioner of Revenue Services at the same time as the taxpayer's income tax return, with no applications accepted after the return due date.

Limits credit refunds to $1 million per fiscal year for income years 2000-2001 and $1.5 million per income year for 2002 and thereafter.

Effective date is July 1, 2024, and applies to Connecticut General Statutes Section 12-217ee.