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ME LD926
Bill
Status
Introduced
3/5/2025
Primary Sponsor
Daniel Sayre
Click for details
AI Summary
- Doubles the research expense tax credit rate from 5% to 10% for qualified research expenses exceeding the base amount, and from 7.5% to 15% for basic research payments
- Increases the credit limitation threshold from $25,000 to $50,000, allowing 100% credit on the first $50,000 of tax due plus 75% on amounts above that
- Reduces the base amount calculation to 50% of the average qualified research expenses over the previous 3 years
- Requires annual reporting by the State Tax Assessor to the Department of Economic and Community Development beginning December 31, 2027, covering R&D expenditures, credits claimed, and industry sector data
- Subjects the credit to legislative review with performance measures including job growth, high-wage employment (125%+ of county median income), and comparison of R&D investment rates to other New England states
Legislative Description
An Act to Promote Research and Development in the State by Amending the Research Expense Tax Credit
Income Tax
Last Action
Voted: ONTP
3/12/2026
Committee Referrals
Taxation3/5/2025
Full Bill Text
No bill text available