Maine LD926 increases the research expense tax credit to promote research and development in the state.
Maine LD926 amends the research expense tax credit to increase the amount of expenditures eligible for the credit and double the rate by which the credit is calculated. The bill also establishes an annual reporting requirement and considerations for evaluating the tax credit's performance. The credit is limited to 100% of a corporation's first $50,000 of tax due, plus 75% of the corporation's tax due in excess of $50,000. The Department of Economic and Community Development must report annually on research and development investment in the state.
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