NC H1117

Increases the definition of "small business" from $1,000,000 to $2,500,000 in annual receipts for purposes of research and development tax credits.

Raises the research and development tax credit for small businesses from 3.25% to 5% of qualified North Carolina research expenses.

Increases the tax credit for North Carolina university research expenses from 20% to 25% of qualified expenses.

Effective for taxable years beginning on or after January 1, 2013.