HB 355 Summary

• Reenacts three high technology tax credits that expired on December 31, 2010: technology infrastructure renovation tax credit, high technology business investment tax credit, and tax credit for research activities.

• Technology infrastructure renovation tax credit allows a 4% credit on renovation costs for commercial buildings with technology-enabled infrastructure (telecommunications, security systems, environmental systems, backup power).

• High technology business investment tax credit provides 35% credit in year of investment, declining to 10% over four subsequent years, with maximum credits of $700,000 in year one and $200,000-$500,000 in following years.

• Tax credit for research activities allows qualified high technology businesses to claim a credit based on federal Internal Revenue Code section 41, with refunds available if credits exceed tax liability.

• All three credits expire and are not available for taxable years beginning after December 31, 2015, and apply retroactively to taxable years beginning after December 31, 2010.