SB3590 Summary

• Increases the research and development tax credit from 6.5% to 13% for qualifying expenditures related to clean energy technology, waste reduction, recycling, emissions reduction, environmental sustainability, or biodegradable/compostable products for tax years ending December 31, 2020 through January 1, 2027.

• Maintains the standard 6.5% research and development credit rate for all other qualifying research expenditures during the same period.

• Applies to partners, shareholders of Subchapter S corporations, and owners of limited liability companies treated as partnerships for federal and state income tax purposes.

• Takes effect immediately upon becoming law.