Pennsylvania SB792 amends the research and development tax credit, setting a cap on credits and allocating funds for small businesses.

Pennsylvania SB792 modifies the research and development tax credit by establishing a cap of $120 million on the total credits approved annually. Of this amount, $24 million is reserved exclusively for small businesses. If the group of small businesses does not use their allocated credits in a fiscal year, the unused portion becomes available for use by other qualifying taxpayers. This bill aims to ensure efficient allocation of tax credits while supporting small businesses.

Pennsylvania SB792 amends the research and development tax credit, setting a cap on credits and allocating funds for small businesses.

Pennsylvania SB792 modifies the research and development tax credit by establishing a cap of $120 million on the total credits approved annually. Of this amount, $24 million is reserved exclusively for small businesses. If the group of small businesses does not use their allocated credits in a fiscal year, the unused portion becomes available for use by other qualifying taxpayers. This bill aims to ensure efficient allocation of tax credits while supporting small businesses.