Alabama HB608 creates the R&D Tax Credit Enhancement Act, offering tax credits to businesses and organizations investing in research and development.

Alabama HB608, the R&D Tax Credit Enhancement Act, establishes a tax credit program to support innovation and job creation in sectors like health sciences and biotechnology. Eligible businesses and qualified research organizations can claim a tax credit for increased research and development expenditures. The credit is refundable or transferable, with a cap of $30 million annually. The Department of Revenue will manage applications and publish annual reports on the program's impact.

Alabama HB608 creates the R&D Tax Credit Enhancement Act, offering tax credits to businesses and organizations investing in research and development.

Alabama HB608, the R&D Tax Credit Enhancement Act, establishes a tax credit program to support innovation and job creation in sectors like health sciences and biotechnology. Eligible businesses and qualified research organizations can claim a tax credit for increased research and development expenditures. The credit is refundable or transferable, with a cap of $30 million annually. The Department of Revenue will manage applications and publish annual reports on the program's impact.