SB 2599 Summary

• Excludes research funded by grants, forgivable loans, or other non-income amounts from eligibility for the research activities tax credit

• Implements a per-taxpayer annual cap on research tax credits (amount to be specified) for each taxpayer and all related entities under common control

• Consolidates reporting requirements into a single submission deadline of the third month following each taxable year, requiring industry sector, revenue/expense data, employment information, and intellectual property filings

• Increases the aggregate annual cap on certified research tax credits from $5,000,000 to an amount to be specified, with certification on a first-come, first-served basis determined by complete application receipt date

• Requires written certification by business officers under penalty of perjury; failure to meet reporting requirements constitutes waiver of tax credit eligibility