Connecticut HB05319 establishes a tax credit for small businesses to offset research and development expenses.
Connecticut HB05319 requires the Department of Economic and Community Development to administer a system of tax credit vouchers for qualified small businesses to offset research and development expenses. The credit is equal to six percent of the expenses paid or incurred by the business. The commissioner may issue tax credit vouchers to businesses that verify their expenses. The credit can be claimed by shareholders or partners if the business is an S corporation or a partnership. The act takes effect for taxable years beginning on or after January 1, 2026.
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