SB 951 Summary

• Caps individual taxpayer eligibility for research activity tax credits at $1,500,000 per taxable year, including all related entities and commonly controlled business entities.

• Increases the annual aggregate cap on tax credits certified by the Department of Business, Economic Development, and Tourism from $5,000,000 to $15,000,000 per calendar year.

• Consolidates reporting requirements by requiring businesses to submit specified information directly to the Department of Business, Economic Development, and Tourism no later than three months after the end of the taxable year, eliminating separate annual survey requirements.

• Extends the sunset date for the research activity tax credit program from December 31, 2024 to December 31, 2029.

• Requires certification of tax credits to occur on a first-come, first-served basis determined by the date a complete application is received, with pro rata distribution for applications received on the same date.