Research & development tax credits; availability against bank franchise tax on & after Jan.1, 2021. (SB1112)

Introduced By

Sen. Mamie Locke (D-Hampton) with support from co-patron Sen. Louise Lucas (D-Portsmouth)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Research and development tax credits. Provides that the research and development expenses tax credit and the major research and development expenses tax credit shall be available against the bank franchise tax for taxable years beginning on and after January 1, 2021. Under current law, the credits are available only against the individual and corporate income tax. Read the Bill »

Status

01/20/2021: passed committee

History

DateAction
12/15/2020Prefiled and ordered printed; offered 01/13/21 21101371D
12/15/2020Referred to Committee on Finance and Appropriations
01/18/2021Impact statement from TAX (SB1112)
01/20/2021Senate committee, floor amendments and substitutes offered
01/20/2021Reported from Finance and Appropriations with amendments (15-Y 0-N) (see vote tally)
01/21/2021Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/22/2021Read second time
01/22/2021Reading of amendments waived
01/22/2021Committee amendments agreed to
01/22/2021Engrossed by Senate as amended SB1112E
01/22/2021Printed as engrossed 21101371D-E

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