H.B. 1642 - High Technology; Research Tax Credit

• Extends the income tax credit for qualified research activities conducted by high technology businesses for five additional years through December 31, 2015 (previously set to expire December 31, 2010).

• Requires qualified high technology businesses claiming the research tax credit to file annual surveys with the Department of Taxation by June 30 each year, including information on industry sector, qualified expenditures, revenue and expense data, employment and wage data, and filed intellectual property.

• Requires the Department of Taxation to report to the legislature by September 1 annually with summary statistics on tax credits claimed, participating businesses, and effectiveness metrics including jobs created, compensation levels, and research activities.

• Authorizes the Department of Taxation to assess and collect fees to offset the costs of certifying tax credit claims and to adopt rules necessary to implement the reporting requirements.

• Maintains existing provisions allowing refunds of excess tax credits and requiring businesses to claim credits within twelve months following the close of the taxable year.