Adds certain deductions related to property and research expenditures to federal adjusted gross income.

The bill amends the tax law to add certain deductions allowable under the Internal Revenue Code to federal adjusted gross income. Specifically, it adds deductions related to qualified production property and domestic research or experimental expenditures. These changes apply to taxable years beginning on or after January 1, 2025.

Adds certain deductions related to property and research expenditures to federal adjusted gross income.

The bill amends the tax law to add certain deductions allowable under the Internal Revenue Code to federal adjusted gross income. Specifically, it adds deductions related to qualified production property and domestic research or experimental expenditures. These changes apply to taxable years beginning on or after January 1, 2025.