HB05319

Establishes a tax credit for small businesses for research and development expenses.

Requires the Department of Economic and Community Development to administer a system of tax credit vouchers for qualified small businesses to earn and utilize credits for research and development expenses. The credit is equal to six percent of the research and development expenses paid or incurred by a qualified small business for a taxable year. The commissioner shall issue a tax credit voucher to a qualified small business in an amount equal to six percent of such expenses, provided such amount shall not exceed the amount reserved for such business.