SB951 Summary

• Adds a $1,500,000 annual per-taxpayer cap on research activity tax credits, applied to each taxpayer and all related entities under common control.

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

• Consolidates reporting requirements into a single submission due no later than the last day of the third month following the end of each taxable year, requiring submission of qualified expenditures, credits claimed, industry sector information, revenue/expense data, employment data, intellectual property filings, and a signed officer certification.

• Changes first-come, first-served certification to be based on the date a complete application is received, with applications received on the same date certified on a pro rata basis.

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